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Renault splits into 5 businesses in drive to boost profit

  PARIS — French car maker Renault announced a major overhaul that will see it separate its activities in five businesses, deepen ties with China's Geely and spin off its electric vehicles unit through a stock market listing next year. At a long-awaited investor presentation on Tuesday, Renault said it targeted operating margins of 8% for 2025 and rising to more than 10% in 2030, from 5% expected this year. It also plans to reinstate dividends from 2023 after a three-year hiatus, and generate more than 2 billion euros of cash annually between 2023-25, growing to more than 3 billion euros in the following five years. An early mover in the electric car race, Renault has fallen behind newer, more agile rivals like Tesla. After needing emergency state cash during the COVID pandemic, the group is looking to extend on a turnaround following losses in 2019 and 2020, and increase the valuation of its different parts. But big question marks remain on its strained relationship with long-standing Japanese partner Nissan, as Renault looks for other outside investors for each of its divisions. The main plank of the car maker's strategy is separating its combustion engine business — which will partner with Geely in a 50-50 joint venture, also announced on Tuesday — from its electric vehicle unit, to be listed in the second half of next year. Nissan is expected to take a stake in the EV venture, codenamed "Ampere," alongside other investors, though Renault will keep a majority stake. Talks with Nissan have been dragging on, amid Japanese reservations about sharing technology with others, including a Chinese rival like Geely, sources have told Reuters. Shares in Renault fell 2% by 1254 GMT after earlier dipping more than 4% as it gave little detail on the state of play of the discussions with Nissan on the future of their partnership. Renault CEO Luca De Meo said the group wanted to give the alliance a strong future and a "new chance." But he also said that — as in a marriage — "it is important for us to have our own hobbies and our own life." The companies had initially set a Nov. 15 target to reach a deal, but no announcement is now expected on that date, according to people familiar with the talks. Aside from the Ampere EV unit and the combustion engine division, Renault will have an additional three businesses — the Alpine sports-car brand, financial services and new mobility and recycling activities.

Auto sales in March and first quarter down nearly across the board

Nearly every major automaker reported weak U.S. sales for March and the first quarter of 2019, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. GM, which no longer releases monthly sales figures, saw first-quarter sales fall 7 percent, with declines across all brands. Sales of Silverado pickup trucks fell nearly 16 percent and the high-margin Chevy Suburban large SUV dropped 25 percent. Ford also no longer releases monthly sales numbers, but is due to release its first-quarter sales figures on Thursday. According to industry data, Ford's sales fell 2 percent in the quarter and 5 percent in March. Ford representatives did not immediately respond to requests for comment. FCA reported a 7 percent fall in U.S. sales in March and a 3 percent drop for the first quarter. All of FCA's brands dropped in March, except for Ram, which saw a 15 percent increase in pickup truck sales. "The industry had a tough first quarter, but with spring finally starting to show its face and continued strong economic indicators ... we are confident that new vehicle sales demand will strengthen going forward," FCA's U.S. head of sales, Reid Bigland, said in a statement. Toyota reported a 3.5 percent fall in U.S. sales in March and 5 percent for the first quarter, hurt by declining demand for its Corolla sedans and Camry vehicles. "While some of our competitors are abandoning sedans, we remain optimistic about the future of the segment," Toyota said in a statement. Nissan posted a 5.3 percent drop in sales in March, and its first-quarter sales were down 11.6 percent. Honda and Hyundai bucked the trend. Honda's U.S. sales rose 4.3 percent in March and 2 percent in the quarter, while Hyundai's were up 1.7 percent and 2.1 percent, respectively. Passenger-car sales suffered throughout the January-March quarter compared with the same period in 2018 as Americans continued to abandon them in favor of larger, more comfortable pickup trucks and SUVs, which are far more profitable for automakers. The battle for market share in the particularly lucrative large-pickup truck market intensified in the quarter, as Fiat Chrysler Automobiles' Ram brand outsold the U.S.' No. 1 automaker General Motors' Chevrolet-brand trucks. The two automakers have both launched redesigned pickup trucks.

AAA ranks Tesla Model S P85D best green car of 2015, Versa is best value

Reviewers from all parts of the automotive world just seem to love the Tesla Model S, whether it's the pragmatists at Consumer Reports or the enthusiasts at Car and Driver. You can add one more to that list because the 2015 P85D grabs the top spot in AAA's fifth annual Green Car Guide, after Tesla's win last year too. The organization's ranking of 88 green models also names the 2014 Nissan Versa SV as the best value in the segment. To take the victory, the P85D had to score the most points over 13 categories, including emissions, acceleration and cargo capacity, and it won handily with 94.87 points. There was nearly a tie for second place, though. The 2015 Volkswagen e-Golf SEL Premium scored 85.5 points, and the 2014 BMW i3 narrowly came in third with 85.4. The best value award is based on the as-tested price per point scored. So while the Versa SV only had 64.5 points overall, its low price meant that each one cost just $249. Second place went to the Versa Note SV with 64.63 points at $260 each, and third was the Hyundai Accent GLS with 61.1 points for $269 each. Keep in mind, AAA's ranking doesn't attempt to find the most environmentally friendly vehicle, rather it tests the green car segment to give recommendations to buyers. Battery electric powertrains, compressed natural gas, clean diesel, hybrids, partial zero-emissions vehicles, and simply models with high fuel economy are all counted by the organization. The results are published in a 160-page magazine, which you can read here. It also offers suggestions on economical driving and explains some of the fuel-saving tech currently available. Related Video: Top Green Vehicle is a 2015 Tesla, According to Fifth Annual AAA Green Car Guide ORLANDO, Fla., April 20, 2015 The 2015 Tesla Model S P85D earned the top score in the 2015 AAA Green Car Guide, the motor club announced today. The Palo Alto-based automaker's car is featured with more than 80 other green vehicles in the 2015 AAA Green Car Guide. The best green car value award went to the 2014 Nissan Versa SV. To help those in the market for a green car or truck, the 160-page, comprehensive fifth annual AAA guide reviews 88 battery electric vehicles, compressed natural gas-powered (CNG) vehicles, clean diesels, hybrids, partial zero emission vehicles (PZEVs), and vehicles with high fuel economy.