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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.

Renault and Nissan are among the businesses affected by massive ransomeware attack

SINGAPORE/TORONTO, May 14 (Reuters) - Technical staff scrambled on Sunday to patch computers and restore infected ones, amid fears that the ransomware worm that stopped car factories, hospitals, shops and schools could wreak fresh havoc on Monday when employees log back on. Cybersecurity experts said the spread of the virus dubbed WannaCry - "ransomware" which locked up more than 200,000 computers - had slowed, but the respite might only be brief. New versions of the worm are expected, they said, and the extent of the damage from Friday's attack remains unclear. Infected computers appear to largely be out-of-date devices that organizations deemed not worth the price of upgrading or, in some cases, machines involved in manufacturing or hospital functions that proved too difficult to patch without possibly disrupting crucial operations, security experts said. Marin Ivezic, cybersecurity partner at PwC, said that some clients had been "working around the clock since the story broke" to restore systems and install software updates, or patches, or restore systems from backups. Microsoft released patches last month and on Friday to fix a vulnerability that allowed the worm to spread across networks, a rare and powerful feature that caused infections to surge on Friday. Code for exploiting that bug, which is known as "Eternal Blue," was released on the internet in March by a hacking group known as the Shadow Brokers. The group claimed it was stolen from a repository of National Security Agency hacking tools. The agency has not responded to requests for comment. Hong Kong-based Ivezic said that the ransomware was forcing some more "mature" clients affected by the worm to abandon their usual cautious testing of patches "to do unscheduled downtime and urgent patching, which is causing some inconvenience." He declined to identify which clients had been affected. The head of the European Union police agency said on Sunday the cyber assault hit 200,000 victims in at least 150 countries and that number will grow when people return to work on Monday. "The global reach is unprecedented ... and those victims, many of those will be businesses, including large corporations," Europol Director Rob Wainwright told Britain's ITV. "At the moment, we are in the face of an escalating threat. The numbers are going up, I am worried about how the numbers will continue to grow when people go to work and turn (on) their machines on Monday morning." MONDAY MORNING RUSH?

Nissan happy with plug-in vehicles for now, will wait on hydrogen

Anyone who's driven the Nissan Leaf knows that it won't set any land speed records. Still, ask Nissan Vice Chairman Toshiyuki Shiga, and the battery-electric vehicle will be miles ahead of any hydrogen fuel-cell vehicles for the foreseeable future in Nissan's advanced-powertrain plans. Figuratively, of course. Shiga, speaking in Singapore, elaborated on Nissan's interest in developing a production hydrogen fuel-cell vehicle, and, to put it bluntly, he said the company didn't have much interest, the Japan Times reports. Sure, Nissan reached an agreement with Mercedes-Benz parent Daimler and Ford early last year to work together to speed up fuel-cell-vehicle powertrain development. Like Toyota, Honda and Hyundai, the automakers appear to be following the axiom that hydrogen fuel-cell technology is the best-of-all-worlds option for advanced powertrain because of the combination of zero emissions and conventional-vehicle-like full-tank range. Still, the prohibitively high cost of building hydrogen refueling stations will prevent any substantial adoption anytime soon, Shiga says, hence Nissan's focus on battery-electric vehicles. Nissan sells the all-electric Leaf in about 40 countries, and the model is the best-selling battery-electric vehicle in the world. In the US, Nissan sold 24,411 Leaf vehicles through October, up 35 percent from a year earlier.