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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.

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.

Renault gives rhinoplastic upgrade to Versa for Indian market

What do you call a Nissan Versa with a new nose and a home in the Indian car market? A Renault Scala. Given a chrome grille insert, the blacked-out crossbar common to Renaults and a few other "status-enhancing" tweaks, the Scala is Renault's fifth offering in India and rounds out its segment coverage.
The Scala is not only positioned as a sedan with value pricing and luxurious equipment, it is presented as a carriage for the chauffeured classes: best-in-class roominess, leather seating, rear vents for the climate control and two cupholders in the rear armrest attend to the boss in the back.
An 86-horsepower diesel and a 99-hp gas engine take care of matters up front. Available now in three trims, it joins the Pulse hatch, Fluence sedan, and Koleos and Duster SUVs in Renault's Indian line-up, and comes with Renault's CompleteCare service and 24/7 Roadside Assistance. Have a read of the press release below for more info.