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Renault's ambitious EV strategy relies on historic nameplates

PARIS — Renault unveiled a more ambitious strategy for electric vehicles (EVs) on Wednesday, betting on new, affordable versions of its iconic small cars of the past to catch up with Volkswagen in the fast-growing sector. The French carmaker's Chief Executive Luca de Meo said it would launch 10 new EVs by 2025 and that all-electric vehicles would account for up to 90% of its models by 2030, dropping its reliance on hybrids to hit the target under a previous plan. Renault is betting that an electric version of its classic Renault 5 compact car, which was discontinued in the 1990s, will capture the imagination of today's drivers when it goes on sale in the first half of 2024. At a live-streamed presentation on Wednesday, the company also offered a fleeting glimpse of its new electric "4ever." model. Two sources close to the company said it was a revival of the Renault 4 hatchback which went out of production last century. "Today is an historic acceleration of Renault Group's EV strategy," de Meo said in a statement. De Meo said that new, purpose-built electric car platforms and a cluster of production sites in northern France would allow Renault to deliver EVs at a lower cost. The first of its new EVs will be the MeganE hatchback which is due to go on sale in the first half of 2022. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. By 2030, Renault and its alliance partners, Nissan and Mitsubishi, will be producing 1 million EVs globally a year, up from the 200,000 they made in 2020, the French carmaker said. Tesla, the world's most valuable carmaker, is already close to hitting that target, with sales of between 840,000 and 1 million EVs projected for this year. Shrinking share Renault's Zoe model, the biggest-selling battery electric car in its segment in Europe for years, is losing ground to models such as Volkswagen's ID.3 compact electric car. Figures from database EV-Volumes.com showed Volkswagen's share of the EV market in Europe soared to 25% last year from 14% in 2019, overtaking the Renault-Nissan-Mitsubishi alliance, whose share shrank to 19% from 23% in 2019. In the first quarter of 2021, Renault's share fell further to 15%, tying with Tesla for third place behind Volkswagen on 21% and Stellantis on 17%, EV-Volumes.com data showed.

Carlos Ghosn to make first public appearance in seven weeks on Tuesday

Ousted Nissan chairman Carlos Ghosn is set to make his first public appearance in seven weeks at a Tokyo court on Tuesday after he requested an open hearing to hear the reason for his continued detention. Ghosn has been held in a detention center since his Nov. 19 arrest on allegations of financial misconduct, which was followed by re-arrests over further allegations. The hearing will take place at 10:30 local time (0130 GMT) on Jan. 8, the Tokyo District Court said on Friday. The reason behind the timing of Ghosn's request was not clear. Earlier this week, the court approved an extension to Ghosn's detention until Jan. 11, after re-arrest by prosecutors who accuse him of aggravated breach of trust in transferring personal investment losses to Nissan. Those allegations center on the use of company funds to pay a Saudi businessman who is believed to have helped him out of financial difficulties, sources said last week. According to an article from The New York Times, Ghosn and his family assert that he is innocent. In remarks Ghosn made while under detention in Japan, he is reported to have said through his lawyer, "I want to have my position heard and restore my honor in court." Former Nissan executive Greg Kelly, who has been charged with conspiring to under-report Ghosn's income, has been released on bail after the court ruled against extending his detention while he awaits trial. Ghosn's arrest was followed by his removal from roles at Nissan and Mitsubishi. The case has rocked the auto industry and strained Nissan's ties with French partner Renault where Ghosn still remains chairman and chief executive. Renault has launched a search for an interim chief to fill Ghosn's roll at the French company as he deals with these legal cases in Japan. The arrest has also put some of the practices of Japan's criminal justice system under international scrutiny, including keeping suspects in detention for long periods and prohibiting defense lawyers from being present during interrogations. (Reuters contributed to this report.)Related Video:

Nissan slashes profit forecast as Ghosn arrest hurts brand appeal

TOKYO — Nissan cut its profit forecast for the fiscal year through March on Wednesday to reflect slowing sales, higher costs and the fallout from a criminal investigation of its former chairman, Carlos Ghosn. Nissan Motor Co. expects to post a 319 billion yen ($2.9 billion) profit for the fiscal year, marking a 22% drop from its earlier 410 billion yen ($3.7 billion) forecast. Nissan said the downgrade reflects higher costs in the U.S. from a warranty extension campaign for some vehicles and falling sales due to "corporate issues," alluding to the Ghosn scandal. Ghosn was arrested in November and is facing charges of underreporting his income and breach of trust. He says he is innocent. He was released on bail in March and is awaiting another court decision on bail after his re-arrest on April 4. Nissan, which is allied with Renault SA of France, has seen sales lag in France and Japan, where Ghosn is widely known. In the U.S. and China, buyers aren't as affected by the scandal, but the markets there overall have slowed. Other factors contributed to the revision, such as production not keeping up with demand for the Note, an extremely popular model in Japan. But the high-profile scandal has weakened the brand appeal of the maker of the Leaf electric car, Infiniti luxury model and X-trail sports utility vehicle. Nissan said it expects to sell 5.5 million vehicles in this fiscal year. Earlier it predicted it would sell 5.6 million. The company sold nearly 5.8 million vehicles in the fiscal year that ended in March 2018. The automaker reduced its sales outlook by 0.2% for the fiscal year through March 2019 to 11.5 trillion yen ($103 billion), compared to its previous forecast. It was Nissan's second downgrade for its outlook following one in February that cited faltering sales in China and the U.S. At that time, Nissan also logged costs about 9.2 billion yen ($83 million) related to the alleged underreporting of Ghosn's compensation. Nissan has promised to strengthen its corporate governance to prevent a recurrence of what it says is serious wrongdoing by Ghosn. Ghosn was sent by Nissan's French alliance partner, Renault SA, to help turn the Japanese automaker around when it was near bankruptcy 20 years ago. The future of the alliance is one of many questions clouding Nissan's future following Ghosn's ouster since he was the main liaison for the alliance, which includes smaller Japanese automaker Mitsubishi Motors.