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Renault gets a 'wake-up call' — a record $8.6 billion loss

PARIS — French carmaker Renault said it had been given a wake-up call on Thursday with a record net loss of 7.29 billion euros ($8.6 billion) in the first half of the year, inflicted by the COVID-19 crisis and troubles at its alliance partner Nissan. Global automakers have been hit hard by the coronavirus pandemic, which has shuttered factories and kept many customers away from car dealerships. But the Renault-Nissan alliance has been hit especially hard as it was already weakened by low margins and boardroom turmoil surrounding Carlos Ghosn, the architect of the alliance who was ousted in 2018. Renault shares were down 3.3% when trading opened in Paris. "Today's results will be a disturbing wake-up call," CEO Luca de Meo, the former Volkswagen executive who started at Renault this month, said on a call with analysts. "We are currently touching the bottom of a negative curve that started several years ago, and probably even earlier," de Meo added. "We are in a complex, difficult situation. We all are. But ... we were already, I would say, feverish. So for sure it is even harder for us." De Meo said the company would now double down on a previously announced turnaround plan, laying off thousands of workers, reducing the range of models, and improving cooperation between alliance partners on vehicle production. He said a team of 40 senior executives from across Renault was cloistered on the top floor of the company's headquarters in Boulogne-Billancourt near Paris, working on details of a strategic plan which will be presented in January at the latest. He said his focus would be pushing the Renault brands that can deliver profits — especially compact cars, SUV crossovers, and electric and hybrid vehicles — and shifting emphasis from volume to value. "We know what we need to do," de Meo said. "Better times are waiting at the end of this twisty road." Renault said group operating losses, factoring out the effect of Nissan's losses, reached 2 billion euros in the first half, compared with operating income of 1.5 billion last year. Sales slumped 34.9%, a result the company attributed mainly to the global COVID crisis and Renault burned through $6.38 billion in cash over the first half. Nissan Motor Co this week warned of a record $4.5 billion operating loss this year and its lowest sales in a decade. Its negative contribution accounted for 4.82 billion of Renault's net losses, the French firm said on Thursday.

Nissan announces limited-edition 2014 GT-R in Midnight Opal

Nissan has unveiled the 2014 GT-R Special Edition. Finished in Midnight Opal paint, the GT-R SE will be limited to just 100 units worldwide, with 50 earmarked for the US.
With sales slated to start this fall, the Special Edition of the 545-horsepower GT-R tacks $6,000 on to the $105,590 price of a GT-R Premium. The hand-applied Midnight Opal paint isn't the only special item, though. Forged RAYS wheels are included in a ten-spoke design that's never before made it to American shores, and there's a dry carbon-fiber rear spoiler, similar in design and appearance to the one found on the GT-R Black and Track Editions. Finally, a gold-plated plaque has been fitted to single out the GT-R Special Edition from the very fast herd.
US sales of the GT-R SE are slated to begin in September. Scroll down for the official press blast.

Nissan GT Academy: Living the dream

When I first met Nicolas Hammann, he was beaming, as though he still could hardly believe this was his life now. He's a young guy, almost 22 years old. He grew up in Elkhart Lake, WI, doing some karting and road racing when he could. Just last year, he was at UNC Charlotte working toward a degree in mechanical engineering as a way to stay around cars in the future. Then he qualified for GT Academy. Jump ahead to January 2015, and Nic is in his first pro race, the 24 Hours of Dubai, representing Nissan behind the wheel of a GT-R GT3. And now he's here at the 2015 GT Academy Finals in Nashville, TN, acting as a sort of ambassador from the other side of the challenge – an example of what each of these guys hopes to achieve. After this, he's off to race at Lime Rock in the Continental Tire Sports Car Challenge. After that, back to his home turf at Road America. Nicolas Hammann's dream of becoming a pro racer has come true. The GT Academy National Finals are made up of four parts, equally weighted. Within each program, though, there is room for interpretation - a gray area where those in charge can make judgment calls about character and whatnot. On the first day, the competitors take part in a Gran Turismo 6 tournament, as well as a PR test. Day two is made up of a grueling physical challenge and a driving test behind the wheel of an actual car. The virtual racing takes place in a single room with multiple "sleds" — console setups with a built-in screen, Thrustmaster T500 force feedback steering wheel, and a pedal set. It is particularly balmy in Nashville during the first day of Finals, and all of the equipment — including a setup to livestream the competition on Twitch TV — makes the room uncomfortably hot. In this first part of the competition, drivers score points based on their finishing positions over a series of four rounds per group. Scrutineers look on to make sure everyone is playing above board. Between rounds, the individual competitors go before a panel of Nissan reps for the PR test, and they are asked a series of predetermined questions (with room for improvisation, of course). While the answers themselves provide some useful information about the competitor, it's the way they compose themselves that's really under inspection during this segment. After all, whoever goes on to race will be representing Nissan, Sony, and the country on a global stage. The longer a competitor is in the room the better, I'm told by the Nissan folks.