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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 Zeod RC crash test looks like crushing the tip on a pencil

Nissan has already showed us the 1.5-liter, three-cylinder engine 400 horsepower and 280 pound-feet of torque, augmented by an electric motor, that sits in back of the ZEOD RC headed for the 24 Hours of Le Mans. At the ZEOD RC's other end is a carbon fiber crash structure that has to be tested against an immovable object, and Nissan has seen fit to show us that, too.
You know what to expect if you've seen a crash test before, but the really pointy nose on this car reminds us of a Faber Castell HB pencil being sent to its death. Better yet, it's in slow motion, and you can watch it below.

Recharge Wrap-up: Tesla will sell Model S on Alibaba in China, Wrightspeed electrifies garbage trucks

Tesla will sell cars in China using Alibaba's Tmall website. Customers will be able to use the Chinese shopping site to place an $8,200 deposit toward a Model S. Tmall will feature 18 preconfigured versions for customers to choose from, which won't offer quite the level of customization as Tesla's US site. Bloomberg's Jamie Butters calls it a "defensive move" on Tesla's part, and still expects the company to sell cars in China the traditional way. Watch the video at Bloomberg or read more at Bidness Etc. Tesla co-founder Ian Wright's company Wrightspeed is converting garbage trucks to EVs. The same brand that created the exciting X1 EV is making trash collection much cleaner. "Garbage trucks are the perfect driving cycle for us: they get two or three miles per gallon, drive 130 miles a day with 1,000 hard stops that chew on the brakes," says Wright. The system puts an electric motor at each of the truck's drive wheels, and includes an on-board generator that runs on diesel or natural gas to extend driving range. Read more at Xconomy. British company Hillside Leisure is converting the Nissan e-NV200 into a camper van. The electric RV, called the DalburyE, debuted at the UK's Motorhome and Caravan Show in Birmingham. It sleeps up to four people, and features a pop-up roof, a gas stove, fridge, sink and other amenities. It's a great way to take full advantage of an RV park's electrical outlet to charge the van while camping in it. Read more at Transport Evolved, and see more photos at Hillside Liesure's blog. Featured Gallery Tesla Model S View 10 Photos Related Gallery Nissan e-NV200 Electric Van View 24 Photos News Source: Bloomberg, Bidness Etc, Xconomy, Transport EvolvedImage Credit: Tesla Green Nissan Tesla Electric recharge wrapup