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Renault plans $2.2 billion 'no taboos' cost cutting after first loss in a decade

PARIS — Renault's first loss in a decade triggered a no-taboos commitment on Friday to cut costs by 2 billion euros ($2.2 billion) over the next three years as the automaker tries to put the Carlos Ghosn affair behind it. As ex-Volkswagen brand manager Luca de Meo prepares to take over as chief executive of the French automaker, which has been rocked by the Ghosn scandal, it did not exclude job cuts in a promised review of its performance across all factories. Like many auto industry rivals, including its alliance partner Nissan, Renault is grappling with tumbling demand in key markets like China, and said it expects the sector to be hit further this year, including in Europe. Nissan this week had its first quarterly loss in nearly 10 years and cut its operating profit forecast. In a reflection of this sobering assessment of the market outlook, Renault set a lower operating margin target of between 3% and 4% for 2020, down from 4.8% in 2019, and cut its proposed dividend against 2019 by almost 70% from a year earlier. While Renault faces high investment costs to produce cleaner car models and supply chain problems due to China's coronavirus outbreak, a major challenge remains moving on from the scandal involving former boss-turned fugitive Ghosn, which strained its relations with Nissan and paralyzed joint projects. "It has been a tough year for Groupe Renault and the alliance," acting Chief Executive Clotilde Delbos said on a conference call, adding that the broader autos downturn had hit the company "right when we were facing internal difficulties." Renault could not afford to wait for De Meo's arrival in July to attack costs, Delbos said, adding that nothing would be "taboo" as it reviews its business. Meatier goals would be made public in May, she said, alongside joint plans with Nissan, as executives repeated assurances that the alliance was on track. Delbos also stressed that Renault's automotive operational free cash flow, under scrutiny from analysts, would be positive in 2020 after stripping out restructuring costs. "We're very confident that there is no topic on cash availability within the group," Delbos said. Renault shares recovered from falls in early trading, and were up 1.8% at 1200 GMT despite it posting a loss of 141 million euros ($153 million) for the group share of net income.

Best trucks for the money in 2024, according to iSeeCars

Full-size trucks are some of the most popular vehicles on the road in the U.S., but they’ve become exceedingly expensive in some cases. That makes it even more important to choose the right full-size truck to maximize value and longevity. iSeeCars recently released its list of the best trucks for the money for 2024, ranking AmericaÂ’s full-size trucks on the cost to own over 10,000 miles. Though the Ford F-150 is the best-selling new full-size truck, it failed to break into the three best trucks for the money, landing at number four on the list. The top six pickups include: Chevrolet Silverado 1500: $2,863 per 10,000 miles Toyota Tundra: $2,868 Ram 1500: $3,352 Ford F-150: $3,469 GMC Sierra 1500: $3,598 Nissan Titan: $4,008 The list is short because there is only a handful of full-size trucks on sale. Though many are expected to last quite a while – some have lifespan estimates of more than 180,000 miles, and the Toyota TundraÂ’s average life is 226,032 miles – all of them are expensive. iSeeCars found that the average new truck purchase price is $61,353, with trucks like the GMC Sierra 1500 topping $66,000. iSeeCars ranked the trucks on their purchase price and 10,000-mile ownership costs, not on driving excitement, styling, tech, or safety. It also did not asses each truckÂ’s capabilities, such as towing and payload, but said that buyers looking to save money should only purchase one if they have “genuine truck needs.” The study looked at several vehicle types to find the best models for the money in each category. The Mitsubishi Mirage was the best car overall, returning a $1,099 10,000-mile ownership cost and a low $18,991 purchase price. The Toyota Tacoma was the best midsize truck, and Toyota landed a strong seven vehicles in the top 25 best cars for the money overall. Chevrolet Ford GMC Nissan RAM Toyota

Ghosn predicts autonomous cars on the roads by 2018, if laws allow

Things appear to be going well inside Nissan's autonomous vehicle development program. Until now, the automaker believed that self-driving cars would be ready for major markets like the US by 2020. However, Renault-Nissan CEO Carlos Ghosn is now speeding up that prediction to 2018 in some places, assuming that local laws are ready to accept the computer-controlled vehicles.
"The problem isn't technology, it's legislation, and the whole question of responsibility that goes with these cars moving around," said Ghosn in a speech in France recorded by Reuters. He predicted that the first sales could begin in France, Japan and the US by 2018 and expand elsewhere in 2020.
The alliance has been among the forefront of automakers working on self-driving cars. Nissan has an autonomous Leaf (pictured above) test car that is licensed to drive on Japanese roads. Renault showed off an version of its Zoe EV earlier this year called the Next Two, that could pilot itself at speeds up to 18 miles per hour, and that the company predicted would be ready by 2020.