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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.

Recharge Wrap-up: Honda releases "Green Dealer" Guide, Tesla's China president steps down

Honda has released its "Green Dealer" Guide to the public. The guide, which is used to outline ways for Honda and Acura dealerships to be more environmentally responsible can also help other businesses take the same steps to green up their practices, save energy and even save money in the process. The guide, which ranks dealers based on a points system, provides incentive to dealerships to implement the environmentally practices, but it also helps Honda assert itself as a leader for green business. Read more at Automotive News or in the press release below. Nissan Leaf owners in the UK love their car, and aren't looking back at their fossil-fueled past. According to a survey by Nissan, 93 percent use the EV as their main family vehicle. 89 percent report saving money driving, 64 percent prefer it to driving a conventionally powered car and 95 percent would recommend the car to a friend. Most said they wouldn't go back to a gas or diesel car. One owner even gave up his Aston Martin for a second Leaf so he and his wife wouldn't argue over who got to drive the EV to work each day. That's love. Read more at Next Green Car and at Hybrid Cars. Renault has outlined its future sustainable mobility plans, including two pieces of technology going into production cars soon. Renault will put a smaller, more efficient electric motor into production, as well as a three-cylinder dual-fuel gasoline/liquid petroleum gas engine. The HYDIVU prototype will help Renault research mild hybrid technology for light commercial vehicles. The VELUD project will look into making the last mile of urban deliveries more sustainable. Renault is also testing a two-cylinder, two-stroke diesel engine for small vehicle platforms. Read more in the press release below. Tesla's China president has resigned. Veronica Wu had been in charge of the company's operations in China for the past nine months, and with her leaving the company, Tom Zhu will step into the role. Jochen Siebert of Shanghai-based JSC Automotive Consulting says that, "Tesla counts on China as one of their main drivers of growth after California, and it might have been more difficult than they thought." Tesla states it is still "confident in the Chinese market," where it has sold the Model S since April. Read more at Bloomberg.

Infiniti ESQ is a Chinese Nissan Juke Nismo

Take a Nissan Juke Nismo, replace all of its suede and Alcantara interior with leather and cross-stitching, replace all of its badging with the words "Infiniti ESQ," and boom! You've got a made-for-China crossover aimed at "the new millennials." Infiniti teased the coming of the ESQ last month, and today, we're treated to pictures taking it in from various toothsome angles.
Whippersnappers with anywhere from 200,000 yuan ($33,507 USD) to 300,000 yuan to spend will get the same 197 horsepower, 1.6-liter turbocharged four-cylinder, sport-tuned CVT and all-wheel drive that we know in the Juke Nismo. We haven't tracked down any other official information about it yet, but potential buyers will get their first look at it during the Chengdu Motor Show that opens later this month, where it will share market-specific notes with Infiniti Q50 L.