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With Nissan dragging it down, Renault predicts a worsening year

PARIS — Renault warned revenue may decline this year, scrapping a previous goal, after first-half profit was hit by weakening car demand and an earnings collapse at alliance partner Nissan in the wake of the Carlos Ghosn scandal. Net income slumped by more than half to 970 million euros ($1.08 billion) in January-June as revenue fell 6.4% to 28.05 billion, the French carmaker said on Friday. Operating profit also dropped 13.6% to 1.65 billion euros. "Given the degradation in demand, the group now expects 2019 revenues to be close to last year's," Renault said — abandoning an earlier pledge to increase revenue before currency effects. A broad-based auto sales downturn has rattled the sector, prompting profit warnings and compounding challenges for Renault and Nissan as they struggle to turn the page on the Ghosn era. Their former alliance boss is now awaiting trial in Japan on financial misconduct charges he denies. Renault's bottom line was hit by an 826 million-euro drop in earnings from its 43.4%-owned partner. Nissan is cutting 12,500 jobs globally after an earnings collapse that it is keen to blame on Ghosn's leadership. But Renault's own performance - reflected in an operating margin that declined to 5.9% from 6.4% the year before - compares less favorably with domestic rival PSA Group. The Peugeot maker bucked the downturn with a record 8.7% profit margin unveiled on Wednesday. Alliance tensions flared after Ghosn's November arrest, worsened when Renault tried in vain to merge with Nissan then Fiat Chrysler, and may be affecting operational performance, investors fear. Citi analyst Raghav Gupta-Chaudhary flagged a lower-than-usual 258 million euros in joint purchasing savings for Renault. "We thought this would be weak in light of the well-documented difficulties with the alliance," he said. Renault blamed falling sales in France, as well as Turkey and Argentina, for a 7.7% revenue drop at its core automotive business, whose profit margin slid to 4% from 4.5%. Operating free cash flow also suffered, coming in at a negative 716 million euros as investment jumped by 742 million euros to 2.91 billion. Renault, which is counting on model launches including a new Clio mini to boost performance in the second half of 2019, nonetheless reiterated pledges to deliver positive full-year cash flow and a margin close to 6%. Renault shares were down 0.5% at 52.02 euros as of 0800 GMT in Paris, after initially falling as much as 2.7%.

NRG eVgo ready for 'No Charge to Charge' in Atlanta

That loop of highways circumnavigating the city of Atlanta is about to get some fast chargers. And, for those driving newer Nissan Leaf electric vehicles, some free chargers as well, for the next couple of years. It's the new taste of southern hospitality. NRG Energy, which has been expanding its NRG Evgo fast-charging networks across the country, is now going into the Atlanta metro area. The stations, which can fully charge an electric vehicle in as few as 30 minutes, will be located "along major thoroughfares in retail locations." This makes sense, since Atlanta has emerged as a major plug-in vehicle market this year. Additionally, the "No Charge to Charge" program that NRG eVgo helps administer will apply in NRG eVgo's Atlanta network. That means that Georgians who either buy or lease Leaf EVs will be allowed to charge their cars at the eVgo stations for free for the first two years. Other eVgo programs are up and running in Texas, Phoenix, Nashville, Washington, D.C. and the Pacific Northwest. Last month, the NRG eVgo program took over a proposed fast-charging network in Chicago, where charging-station deployments had stalled. Take a look at the NRG eVgo press release for Atlanta below. NRG eVgo Announces Electric Vehicle Charging Network in Atlanta ATLANTA, December 09, 2014 – NRG eVgo, a subsidiary of NRG Energy, Inc. (NYSE:NRG), is expanding its comprehensive electric vehicle (EV) infrastructure designed to support EV drivers whenever and wherever they choose to charge - at single family or apartment residences, at work, on the road, or even at the airport to the Atlanta metro area. The new network will give Atlanta EV drivers unprecedented access to cutting-edge fast charging technology and bring much-needed EV infrastructure to the region. "We are pleased that NRG has chosen to expand its eVgo charging network in the City of Atlanta," said Mayor Kasim Reed. "Establishing a robust fast-charging network is essential to even broader adoption of electric vehicle use, both here in Atlanta and across the country." Recently, according to IHS Automotive, Atlanta emerged as the second major metropolitan market for EV sales, following San Francisco. Atlanta is geographically large, meaning most people commute to work, and have a need for a sustainable, reliable charging infrastructure.

Japan prosecutors seek 2 years in prison for ex-Nissan exec Greg Kelly

TOKYO — Japanese prosecutors demanded two years in prison for former Nissan executive Greg Kelly and accused him of joining a “conspiracy” to pay his former boss Carlos Ghosn illicitly in closing arguments Wednesday in a yearlong trial. “That unpaid compensation existed is clear,” prosecutor Yukio Kawasaki told the Tokyo District Court, reading briskly from a thick document. Kelly, a 30-year veteran at the Japanese automaker, was living in the U.S. when he was arrested in November 2018 upon returning to Japan to attend a meeting. The first American to be appointed to NissanÂ’s board, Kelly says he is innocent. He sat calmly in the courtroom, wearing his usual red tie and dark suit, alongside defense lawyers. Everyone in the courthouse was wearing a mask because of the pandemic. Kelly told The Associated Press in an interview last month he did not know all the details of GhosnÂ’s pay. He was determined to retain Ghosn, Nissan's former chairman, because of his extraordinary management skills and wanted to pay him in a legal way, he said. Ghosn was arrested at the same time as Kelly and also maintains he is innocent. He skipped bail in late 2019 and fled to Lebanon, the country of his ancestry. It has no extradition treaty with Japan. The charges center around a pay cut of about 1 billion yen ($10 million) a year that Ghosn voluntarily started taking from 2010, halving his pay after disclosure of high executive pay became mandatory in Japan. Nissan Motor officials considered various ways to make up for the money Ghosn gave up, such as paying him consulting fees after retirement. They also mulled other methods such as payments through subsidiaries and stock options. Nothing had been paid at the time of the arrests. The contention is over whether that money should have been reported as compensation as a de facto promised sum under a binding contract, or didnÂ’t need to be disclosed until it was finalized. Ghosn has said a group at Nissan engineered his arrest because they feared that French automaker Renault, which owns 43% of Nissan, would gain more control over the company. Other Nissan officials made similar comments during KellyÂ’s trial. Renault sent Ghosn to Nissan in 1999 to lead its rescue from the brink of bankruptcy. He successfully steered the maker of the Leaf electric car and Infiniti luxury models for nearly two decades.