2004 Gray! on 2040-cars

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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.

Dutch court orders Ghosn to repay Nissan-Mitsubishi $6 million in wages

AMSTERDAM — A court in Amsterdam on Thursday ordered fugitive former car executive Carlos Ghosn to repay Nissan and Mitsubishi almost 5 million euros ($6.1 million) in wages he received from their Dutch registered joint venture Nissan-Mitsubishi BV in 2018. Nissan and Mitsubishi, which ousted Ghosn as chairman of their companies and of their joint venture after his arrest for financial misconduct in 2018, claimed Ghosn had wrongly granted the wages to himself. Ghosn had brought the case himself, demanding 15 million euros in compensation for missed wages and severance payments as he claimed Nissan and Mitsubishi had violated Dutch labor laws when they dismissed him from the Amsterdam-based joint venture in 2019. But the district court in Amsterdam sided with the car companies, stating that Ghosn did not have a valid employment agreement with the joint venture, as it lacked the required consent of the boards of Nissan and Mitsubishi. The amount Ghosn needs to repay equals the net payments he received from the joint venture between April and November 2018, the court said. Ghosn, who has denied wrongdoing, was chairman of both Nissan and Mitsubishi and chief executive of Renault when he was arrested in Japan in 2018 on charges of underreporting his salary and using company funds for personal purposes. He fled to Lebanon in December 2019 hidden in carry-on luggage on a private jet that flew out of Kansai Airport, and has remained in that country since. ($1 = 0.8204 euros) (Reporting by Bart Meijer, editing by Jason Neely and Keith Weir) Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2021 Nissan Rogue Platinum interior tour

2016 Green Truck of the Year, Commercial Green Car of the Year finalists

Not only are commercial-grade haulers getting more green love lately, they're getting more different kinds of green love. The 2016 Green Truck of the Year, the second time the award has been handed out, is being decided by judges from Green Car Journal and the San Antonio Auto & Truck Show. This year the award is joined by the new 2016 Commercial Green Car of the Year, which crowns one of the little vans increasingly used by small business as cargo and delivery vehicles. The Green Truck of the Year finalists are the Chevrolet Colorado Duramax (pictured), Ford F-150, GMC Canyon Duramax, Nissan Titan XD, and Toyota Tacoma. The first three of those were on last year's list, but since they are completely new or upgraded for 2016 - Ford with its all-aluminum body, the General Motors twins with the new diesel Duramax engine - they qualify for entry again. The Ram 1500 EcoDiesel won last year. The Commercial Green Car finalists are the Chevrolet City Express, Ford Transit Connect, Mercedes-Benz Metris, Nissan NV200, and Ram ProMaster City. You can read more details in the presser below, and the awards will be announced in San Antonio sometime during the show from November 19-22. San Antonio Auto & Truck Show Announces 2016 Green Truck of the Year and Commercial Green Car of the Year Finalists SAN ANTONIO, Oct. 22, 2015 /PRNewswire/ -- Green Car Journal and the San Antonio Auto & Truck Show have announced finalists for the 2016 Green Truck of the Year™ and 2016 Commercial Green Car of the Year™ awards. The Green Truck of the Year™ nominees are the Chevrolet Colorado Duramax, Ford F-150, GMC Canyon Duramax, Nissan Titan XD, and Toyota Tacoma. Vying for the all-new 2016 Commercial Green Car of the Year™ award are the Chevrolet City Express, Ford Transit Connect, Mercedes-Benz Metris, Nissan NV200, and Ram ProMaster City. "Over the past few decades, new car models have benefitted from design and technology improvements that have brought higher fuel efficiency and greater levels of environmental compatibility," said Green Car Journal and CarsOfChange.com Editor and Publisher Ron Cogan. "With models like these ten deserving finalists, we're witnessing the pickup and light commercial vehicle field enjoying the same attention." The new Commercial Green Car of the Year™ award is part of an expanded awards program presented at this year's 2015 San Antonio Auto & Truck Show.