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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.

Carlos Ghosn brings Nissan Leaf EV to happy nation of Bhutan

The Nissan Leaf has been declared the cleanest car in the US, and it's going to have a good case to claim the same title in Bhutan. Yes, Bhutan, the country famous for measuring Gross National Happiness is about to get serious about the EV Grin. Last December, we learned that Bhutan's capital city, Thimphu, wanted to build up a Leaf taxi fleet. That's when Renault-Nissan CEO Carlos Ghosn went to Bhutan to talk about the project and he has recently returned to deliver some vehicles to the Prime Minister of Bhutan, Tshering Tobgay, who has been advocating for EVs since taking office in July and has set a preliminary target of 2,000 EVs on the streets of Thimphu. Tobgay said his country, "will commit to a program to achieve zero emissions as a nation by a certain target date." It's not an outrageous goal for the Himalayan country, since it generates a lot of hydro-electric power, way more than it can use. There are only around 750,000 citizens of Bhutan and they only use five percent of the clean power made within its borders. Most of the rest goes to neighbor India. The problem, as expressed in Nissan's press release (available below), is that Bhutan takes "almost all of the revenue earned from selling electricity" to buy fossil fuel from India and power its national vehicle fleet. You can probably see how making the switch to EVs can simplify and clean things all around. There's a video of Ghosn's Bhutan trip below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Nissan Partners with Bhutan on National EV Strategy Feb. 21 – Thimphu, Bhutan – An electric revolution has begun in Bhutan. The remote Himalayan country, renowned for championing "Gross National Happiness," has taken first steps towards becoming a leading global electric-vehicle nation. Prime Ministers of Bhutan, Tshering Tobgay and Nissan CEO, Carlos Ghosn Prime Minister Tshering Tobgay and Nissan CEO Carlos Ghosn announced a partnership in Thimphu Friday, which will see both parties work toward achieving Bhutan's ambitious clean-energy goals. "We will develop a program, we will commit to a program to achieve zero emissions as a nation by a certain target date," said Tobgay who has backed the EV project since taking office in July last year.

Nissan Leaf, e-NV200 get orange treatment for Ultraman Ginga S

The automobile-as-crime-fighting-teammate concept dates back at least to the 1960s Batman television series, gained further currency during the 1980s with Knight Rider and was referenced in the recent Kia ads featuring Los Angeles Clippers basketball star Blake Griffin and Jack McBrayer of 30 Rock fame. Now, Nissan has put a bright, colorful spin on the idea by tricking out both a Leaf electric vehicle and an e-NV200 electric van for the Japanese television show Ultraman Ginga S. A far cry from the aforementioned muscle cars (the Leaf powertrain delivers just 107 horsepower), the vehicles still cut dashing figures by featuring a lot of orange, a bunch of geegaws, a body kit and cannons. Yes, cannons. They were shown off at the Tokyo Toy Show. The Ultraman Ginga series debuted on Japanese television just last year, according to the Internet Movie Database (IMDB). Nissan started making the real-world e-NV200 electric van in Spain in May. No plans have been announced for US sales, though the Japanese automaker will export the van to its home country. There's an explanatory video and Nissan's press release about the Ultraman Ginga vehicles below, but we apologize in advance, as you will need to be able to read Japanese for the PR. The video has been helpfully translated. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. ???????????????????????????? --??????????2014????????????e-NV200???????????-- ?????????(??:????????? ??:???? ???)???????????????(??:?????? ??:?? ??)??????????????????????? ???????????????100%???????????*1???6?9??????100%????????e-NV200?????????????2????????????????TV?????????????????S*2(???????????)???????? ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ?????????????????11?5??????????????????10????????????e-NV200???????????????????????????Leaf to Home??????????????????????????????????????????? ???7?15???????????????????S??????????????????????????????????Web?????????????????????????? ???6?12???6?15????4?????????????????????????????2014???????????????e-NV200????????????????????????????????????????????????????? (*6?12??13????????????????????????????) ????????S????????????????????????> ??: 6?12?(?)11:30~ ??: ???????? ?4??? No.4-1???????