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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.

Watch these Nissan 350Zs set a record for world's longest twin drift

In July, Harald Muller notched a Guinness World Record by drifting longer than any lone tire-burner ever had: 89.55 miles. This month, Nissan Middle East broke the Guinness World Record for the longest twin drift when two drivers slithered through a figure eight for 17.7 miles. The feat came about to commemorate the opening of the Nissan 370Z Drift Experience in Dubai, which will teach eager punters how to abuse slip angle, but the actual drifting was done with two 350Zs. Nissan opened the center in partnership with ProDrift Academy, a European school for wannabe drifters, and when it comes time for actual instruction that will be done in the eponymous 370Z. You can check out a video snippet from the event and a press release from Nissan Middle East below. Nissan Middle East sets a new Guinness World Records title for the "Longest Twin Vehicle Drifting" Record set during the "Nissan 370Z Drift Experience" launch event DUBAI, United Arab Emirates, Dec. 15, 2014 – Nissan Middle East today has set a new Guinness World Records title for the longest twin vehicle drifting. Two Nissan Z cars drifted around a track at the same time without stopping for 28.52 kilometers. The record was set in the second attempt during the launch of the "Nissan 370Z Drift Experience" which will offer anyone the opportunity to learn and perfect the art of drifting. Speaking at the event, Samir Cherfan, Managing Director, Nissan Middle East, said: "With today's accomplishment of setting a new Guinness World Records title, we have proven again the strength of our vehicles by adding another Guinness World Records record to our list. The Nissan Z is a very popular car in the drifting scene, and this new record is yet another proof on the ability of this car to make drifting look so easy." "Nissan 370Z Drift Experience" is a partnership between Nissan Middle East and the Prodrift Academy, which is carried out using Nissan 370Zs alongside the Prodrift Academy's professional drift instructors in a safe and controlled environment. "Nissan has a strong focus on motorsports in the Middle East. Since safety is our priority at Nissan, we have partnered with the Prodrift Academy to provide a legal and safe platform for drifting fanatics in the region," Cherfan added. Nissan Motorsports History For nearly 80 years, Nissan has been pushing the boundaries of innovation within the Motorsports industry.

Porsche Taycan is here, Lamborghini Sian is near | Autoblog Podcast #594

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor Alex Kierstein and Senior Editor, Green, John Beltz Snyder. They start the conversation with the cars they've been driving, including the Subaru Forester, Lincoln Navigator, Mercedes-AMG C 43 and Subaru Crosstrek Hybrid. Then they talk about the biggest news of the week: the reveal of the all-electric Porsche Taycan. After that, they sweep up other news, like the Lamborghini Sian, new Nissan Juke and the Aston Martin Vanquish 25 by Ian Callum. Next, Autoblog's Erik Meier, who both produces this very podcast and also hosts our Twitch livestream, joins the chat with his impressions of the latest racing game, "WRC 8." Finally, our editors try to provide some helpful guidance in the "Spend My Money" segment. Autoblog Podcast #594 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2019 Subaru Forester 2019 Lincoln Navigator 2019 Mercedes-AMG C 43 Coupe 2019 Subaru Crosstrek Hybrid Porsche unveils 2020 Taycan Turbo and Turbo S 2020 Lamborghini Sian Next-generation Nissan Juke Aston Martin Vanquish 25 by Ian Callum Autoblog plays "WRC 8" Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:     Green Podcasts Toys/Games Aston Martin Lamborghini Lincoln Mercedes-Benz Nissan Porsche Subaru Used Car Buying Coupe Crossover SUV Electric Hybrid Performance