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Renault gets a 'wake-up call' — a record $8.6 billion loss

PARIS — French carmaker Renault said it had been given a wake-up call on Thursday with a record net loss of 7.29 billion euros ($8.6 billion) in the first half of the year, inflicted by the COVID-19 crisis and troubles at its alliance partner Nissan. Global automakers have been hit hard by the coronavirus pandemic, which has shuttered factories and kept many customers away from car dealerships. But the Renault-Nissan alliance has been hit especially hard as it was already weakened by low margins and boardroom turmoil surrounding Carlos Ghosn, the architect of the alliance who was ousted in 2018. Renault shares were down 3.3% when trading opened in Paris. "Today's results will be a disturbing wake-up call," CEO Luca de Meo, the former Volkswagen executive who started at Renault this month, said on a call with analysts. "We are currently touching the bottom of a negative curve that started several years ago, and probably even earlier," de Meo added. "We are in a complex, difficult situation. We all are. But ... we were already, I would say, feverish. So for sure it is even harder for us." De Meo said the company would now double down on a previously announced turnaround plan, laying off thousands of workers, reducing the range of models, and improving cooperation between alliance partners on vehicle production. He said a team of 40 senior executives from across Renault was cloistered on the top floor of the company's headquarters in Boulogne-Billancourt near Paris, working on details of a strategic plan which will be presented in January at the latest. He said his focus would be pushing the Renault brands that can deliver profits — especially compact cars, SUV crossovers, and electric and hybrid vehicles — and shifting emphasis from volume to value. "We know what we need to do," de Meo said. "Better times are waiting at the end of this twisty road." Renault said group operating losses, factoring out the effect of Nissan's losses, reached 2 billion euros in the first half, compared with operating income of 1.5 billion last year. Sales slumped 34.9%, a result the company attributed mainly to the global COVID crisis and Renault burned through $6.38 billion in cash over the first half. Nissan Motor Co this week warned of a record $4.5 billion operating loss this year and its lowest sales in a decade. Its negative contribution accounted for 4.82 billion of Renault's net losses, the French firm said on Thursday.

NHTSA probes Nissan Versa for potential pedal problem

The National Highway Traffic Safety Administration is commissioning an engineering analysis to investigate a possible problem with the 2013-2015 Nissan Versa and 2014-2015 Versa Note. The agency wants to gather more information about sections of the footwell that can potentially interfere with operating the pedals, and NHTSA estimates this could affect 360,000 vehicles if the agency requests a recall. The preliminary evaluation of this problem was opened last June when NHTSA received a report of a driver's foot being trapped by a trim panel on the right side of the footwell. Since then, the government agency has tallied 24 total complaints, including one crash and an injury, which might have been linked to this issue. It's also possible the HVAC relay actuator in a nearby area could be doing the same thing. Either might lead to unintended acceleration and delayed braking. NHTSA's new engineering analysis is meant to "assess the scope, frequency and safety-related consequences of the alleged defect." It also adds the 2015 Versa Sedan and Note to the list of potentially affected models but removes the examples from 2012 because of a different footwell panel design. "Nissan is cooperating fully to answer the agency's questions," the automaker said in a prepared statement emailed to Autoblog (embedded in full below). You can read the entire report in PDF format, including photos of the potential issue, here. INVESTIGATION Subject : Pedal Operation Interference Date Investigation Opened: APR 01, 2015 Date Investigation Closed: Open NHTSA Action Number: EA15003 Component(s): SERVICE BRAKES, HYDRAULIC , VEHICLE SPEED CONTROL All Products Associated with this Investigation Vehicle Make Mode lModel Year(s) NISSAN VERSA 2013-2015 NISSAN VERSA NOTE 2014-2015 Details Manufacturer: Nissan North America, Inc. SUMMARY: On June 24, 2014, the Office of Defects Investigation (ODI) opened PE14-018 to investigate allegations that the tunnel carpet cover trim panel on model year (MY) 2012 through 2014 Nissan Versa, Versa Sedan and Versa Note vehicles has, in certain situations, interfered with the driver's ability to promptly release the accelerator pedal and transition to the brake pedal. This may result in delayed brake application or brief incidents of unwanted acceleration.

Foreign automakers pay from $38 to $65 per hour to non-union workers

As leaders for the United Auto Workers gather in Detroit for their Special Convention on Collective Bargaining to work out the negotiating stance for this year's new labor agreements with the Detroit 3 automakers, what they most want to do is figure out how to eliminate the two-tier wage scale. However, the lower Tier 2 wage has allowed the domestic automakers to reduce their labor costs, hire more workers, and compete better with their import competition. As it stands, per-hour labor rates including benefits are $58 at General Motors, $57 at Ford, and $48 at Fiat-Chrysler – a reflection of FCA's much greater number of Tier 2 workers. The Center for Automotive Research released a study of labor rates (including benefits) that put numbers to what the imports pay: Mercedes-Benz pays the most, at an average of $65 per hour, Volkswagen pays the least, at $38 per hour, and BMW is just a hair above that at $39 per hour. Among the Detroit competitors, Honda workers earn an average of $49 per hour, at Toyota it's $48 per hour, Nissan is $42 per hour, and Hyundai-Kia pays $41 per hour. The lower import wages are aided by their greater use of temporary workers compared to the domestics. Automotive News says the ten-dollar gap between those foreign camakers and the domestics turns out to about an extra $250 per car in labor, which adds up quickly when you're pumping out many millions of cars. That $250-per-car number is one that, come negotiating time, the Detroit 3 will want to reduce, as the UAW is trying to raise both Tier 1 and Tier 2 wages. Another wrinkle is that the domestic carmakers are considering the wide adoption of a third wage level lower than Tier 2. Some workers who do minor tasks like assembling parts trays kits and battery packs already make less than Tier 2, but the UAW will be quite wary about cementing yet another wage scale at the bottom of the system while it's trying to fight a bigger battle at the top. News Source: Automotive News - sub. req., BloombergImage Credit: AP Photo/Erik Schelzig Earnings/Financials UAW/Unions BMW Chevrolet Fiat Ford GM Honda Hyundai Kia Mercedes-Benz Nissan Toyota Volkswagen labor wages collective bargaining labor costs