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Renault to name VW manager Luca De Meo as CEO

PARIS — Renault's board is set to meet later on Tuesday to approve the nomination of Luca de Meo, the former head of Volkswagen's Seat brand, as its next chief executive, two sources familiar with the matter said. The Italian-born executive, who stepped down from Seat earlier this month, is not due to take up his post at the French carmaker until towards July, due to negotiations around his contract, according to one of the sources. Renault declined to comment. De Meo is not expected to face any last minute hurdles in his nomination, and has already won tacit backing from parties including the French government, a Renault shareholder. His appointment fills one of the major gaps left at the firm as it tries to move past a year of turmoil following the 2018 arrest in Tokyo of former boss-turned-fugitive Carlos Ghosn, and reset its strained alliance with Japan's Nissan. Ghosn, who forged and oversaw the Renault-Nissan partnership for almost two decades, has since fled Japan and resettled in Lebanon, from where he has contested the financial misconduct charges against him and said the alliance was at risk of collapse. De Meo, along with Renault Chairman Jean-Dominique Senard, brought in last January from tire maker Michelin, will have his work cut out to turn around the firm. Like rivals, Renault is grappling with a downturn in demand, and has said it expects a slight decline in the car market in Europe, Russia and China this year. The firm has also presented 2020 as a make-or-break year for the alliance with Nissan and is under pressure to deliver on cost savings and joint projects. Automakers face pressure to meet stringent new emissions targets with less polluting models, and are also competing to produce innovations such as self-driving cars, which require large investments. De Meo, who speaks French, will be one of a growing handful of outsiders in senior company jobs in France. The 52-year-old started his career at Renault and has worked at Fiat and Audi among other brands. He is credited with revitalizing sales at Barcelona-based Seat, imbuing it with a more sporty image, though his portfolio will be markedly larger at Renault, whose brands include Dacia and Lada. Renault's finance chief Clotilde Delbos has been CEO on an interim basis since last October, when Thierry Bollore, a former Ghosn ally, was ousted by the board. Related Video:     Hirings/Firings/Layoffs Rumormill Volkswagen Renault

VW Jetta GLI, Peugeot 505 are MotorWeek's 1986 Euro sport sedan alternatives

Video reviews have become a mainstay of automotive journalism, but long before every publication turned on its video cameras and started uploading to YouTube, there was one program that was blazing the trail. That, of course, was MotorWeek, the television car program produced by Maryland Public Television and hosted by the inimitable John Davis. The program first aired back in 1981, and after more than three decades in the business, it's got a considerable archive of old episodes to unearth. In this latest gem recovered from the MotorWeek back catalog, the program pitted two European sports sedans against each other: a Volkswagen Jetta GLI and a Peugeot 505 Turbo. That's right: back in the 1980s, Peugeot was still competing in the US marketplace. The forced-induction 505 may not have been enough to keep the French automaker in American showrooms, but it was enough to stand up against the VW. Which one won MotorWeek's favor? You'll just have to watch the six-minute clip to find out. News Source: MotorWeek via YouTube Volkswagen Peugeot Economy Cars Performance Videos Sedan vw jetta gli

Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."