Pays émergents

Renault va mal et compte sur l’Alliance, Nissan va très mal et n’en parle pas

How long have we been married for? (Behrouz MEHRI / AFP)
Avant que ne soient communiqués les résultats financiers de 2019 de Renault vendredi, avait eu lieu à Yokohama la veille la présentation des résultats de Nissan pour l’avant dernier trimestre de l’année fiscale japonaise et donc pour les neuf premiers mois .
Les dirigeants de Nissan en ont profité pour revoir à la baisse leurs prévisions de chiffre d’affaires et de profits pour l’exercice en précisant que lesdites prévisions ne tenaient pas compte des effets probables du coronavirus.
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Renault is doing badly and counts on the Alliance. Nissan is doing very badly and doesn't talk about it.

How long have we been married for? (Behrouz MEHRI / AFP)
Prior to the release of Renault's 2019 financial results on Friday, the presentation of Nissan's results for the third quarter of the Japanese fiscal year, and thus for the first nine months, took place in Yokohama the day before.
 
Nissan executives took the opportunity to revise downwards their revenue and profit forecasts for the year, stating that these forecasts did not take into account the probable effects of the coronavirus.
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FCA 2019 Results: making short-termism attractive

Handsome is not enough
FCA's results are nothing new: North America and the two flagship brands, RAM and Jeep, are doing well.
The rest is just about surviving and is tending to deteriorate without any serious attempt to stop this. Everything has been going on since 2014 as if the roadmap were that of keeping the cash machine running in the United States and waiting for the future ally to either clean up the mess, or reinvest or offer solutions to revive brands and business in the regions that have been neglected.
 
The case of Europe is emblematic in this respect. A.-G. Verdevoye sums up the situation well in the French weekly newspaper Challenges:
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Renault-PSA : l’un est intercontinentalisé, l’autre pas

Renault dans le rouge en France. Mais ailleurs?

Les résultats commerciaux des deux français ont été publiés la semaine dernière et, derrière l’homologie de façade que représentent la proximité des volumes (3,75 millions pour Renault et 3,48 millions pour PSA) et leurs baisses (- 3,4% pour Renault et -10% pour PSA), les chiffres viennent souligner les profondes différences des deux constructeurs. lire la suite

Renault-PSA: one is intercontinental, the other is not.

Renault dans le rouge en France. Mais ailleurs?

The commercial results of the two French carmakers were published last week and, behind the facade homology represented by the similarity of volumes (3.75 million for Renault and 3.48 million for PSA) and their decline (-3.4% for Renault and -10% for PSA), the figures underline the significant differences between the two manufacturers.
 
Thus, seen from France, one would get the impression that PSA is outperforming Renault. In most segments except B, Renault products are barely outperforming Peugeot products and the latter obviously give PSA a "pricing power" that Renault is struggling to conquer. The financial results corresponding to the commercial results published last week are likely to confirm this in February.
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Et si Bruno Le Maire s’inspirait de Donald Trump…

In the port of Tanger Med, low-cost Renault await...

Autoactu publiait vendredi deux articles qui, involontairement, se renvoyaient l’un à l’autre.
 
L’un, signé de Laurent Bodin, traitait du sort de l’usine terminale PSA de Mulhouse qui a vu partir la production du nouveau 2008 vers l’Espagne en vertu de la doctrine bien connue désormais selon laquelle les sites français n’ont pas à assembler de véhicules des segments A et B, fussent-ils des SUV. 
L’autre, signé de Bertrand Rakoto, analysait le volet automobile du nouvel accord de libre-échange entre les Etats-Unis, le Canada et le Mexique et les contraintes qu’il impose aux constructeurs pour limiter la mise en concurrence entre les pays à hauts salaires et les pays à bas salaires et les délocalisations vers le Mexique. 
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What if Bruno Le Maire was inspired by Donald Trump...

In the port of Tanger Med, low-cost Renault await...

The weekly column by Bernard Jullien is also on www.autoactu.com.

Last Friday Autoactu released two articles that unintentionally referred to each other.
 
One, signed by Laurent Bodin, dealt with the fate of PSA's Mulhouse assembly plant, which saw the production of the new 2008 model leave for Spain under the now well-known doctrine that French sites should not assemble vehicles from segments A and B, even if they are SUVs.
The other, signed by Bertrand Rakoto, analysed the automobile component of the new free trade agreement between the United States, Canada and Mexico and the constraints it imposes on manufacturers to limit competition between high-wage and low-wage countries and relocation to Mexico.
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VW's imperialist enterprise in the media sphere

Dieselgate : and the winner is...

This November, Volkswagen's offensive in the electrical vehicle resulted in an impressive series of announcements and statements by the group's top executives, who seem to want to convince everyone that the inevitable move towards battery-powered electric vehicles is underway and that Volkswagen is the most ready of all manufacturers to lead this change.
 
There is undoubtedly a "Coué method" dimension here that leads managers, afraid of the risks they take, to want to convince themselves, their teams and customers that the battery-powered EV is the right choice.
Above all, there is obviously a very political will to impose a global standard and to create competitive rules of the game for the automotive industry, which will be all the easier for Volkswagen to respect as they will have been largely designed around its convictions and proposals.
 
One of the signs of this political work was given when Angela Merkel, at the beginning of the month, honoured the invitation of the group's leaders to attend the launch of the ID3 assemby plant at the Zwickau plant in eastern Saxony.
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Toyota et Honda : différents mais solides

Looks like a no-deal

En ce mois de novembre, nous parviennent les résultats financiers des constructeurs japonais pour le premier semestre de leur exercice qui se clôt fin mars. En attendant ceux de Nissan qui ne seront rendus publics que cette semaine, on peut se pencher sur ceux de Toyota et Honda qui révèlent d’ores et déjà l’inégale exposition des uns et des autres au reflux de la demande mondiale qui se précise.
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Toyota et Honda : different but strong

Looks like a no-deal
This November, we receive the financial results of Japanese automakers for the first half of their fiscal year, which ends at the end of March. Awaiting of Nissan, which will only be made public this week, we can look at those of Toyota and Honda, which already reveal the unequal exposure of Japanese carmakers to the decline in global demand that is now taking shape.
 
From this point of view, Toyota impresses by posting increasing volumes, sales and results.
Toyota sold 4.64 million vehicles from April to September, 220,000 more than last year. Its turnover increased by 600 billion yen (almost 5 billion euros), i.e. by 4%, and its operating income by 140 billion yen (1.16 billion euros, +11%). Its operating margin was 8.6% of turnover for the first half of the previous year, compared to 9.2% for the first six months of 2020.
 
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PSA-FCA : l'ombre de Sergio plane sur l'opération

Some in the industry need a haircut
A mesure que se précisent les termes exacts du deal en cours de négociation et les réactions des marchés, les contours de ce 50-50 paraissent un peu moins "paritaires". En effet, les financiers calculent sur la base des valorisations respectives des deux groupes avant l’annonce du projet et des opérations qui vont être conduites avant le deal que l’on serait plutôt à 60-40 au profit de PSA et que PSA consent donc pour que le deal se fasse à un important sacrifice.
En effet, à la clôture de mercredi soir, la capitalisation de PSA s'élevait à 23,19 milliards d'euros quand celle de FCA s'établissait à 18,22 milliards d'euros. On a appris que, avant la réalisation de l’opération, FCA distribuerait à ses actionnaires un dividende exceptionnel de 5,5 milliards d’euros, ainsi que sa participation dans Comau estimée à 250 millions d'euros.
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Renault : sortir de la politique de l'autruche

La même scène vue autrement

Comme pour marquer sa différence et/ou pour souligner ce qui avait pu l’opposer à Thierry Bolloré, Clotilde Delbos a entamé son intérim à la direction générale du groupe Renault par un "profit warning" : non, le retour à un cash flow positif au second semestre ne permettra pas de compenser le cash flow négatif de 700 millions d’euros du premier; non, le chiffre d’affaires ne sera pas constant mais baissera de 3 à 4% de même que la marge opérationnelle sera plutôt de 5% que de 6% comme annoncé en juillet ; non, le plan 2022 ne vas pas être tenu et il est urgent de le redéfinir pour que chacun sache où il va.
 
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Renault: getting out of the ostrich policy

La même scène vue autrement
As if to mark his difference and/or to highlight what might have opposed her to Thierry Bolloré (Renault's former CEO, recently laid off), Clotilde Delbos (appointed to replace him) began her interim period at the head office of the Renault group with a "profit warning": no, the return to positive cash flow in the second half of the year will not offset the €700 million negative cash flow of the first half; no, revenue will not be constant but will fall by 3 to 4% and the operating margin will be 5% rather than 6% as announced in July; no, the 2022 plan will not be implemented and it is urgent to redefine it so that everyone knows where he is going.
 
She did not just talk to the analysts. She also spoke on Tuesday in a video for employees to tell them that the "Drive the Future" plan had to be taken up again because the market has changed over the past two years and that "unfortunately, the situation did not improve during the summer" and requires that the strategy be adjusted to "get Renault back on track".
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Manage the Organizational Change to Build the Smart Car in China A Study of SAIC-Alibaba Joint Venture

From NAFTA to USMCA: conditions and challenges of automotive financing in Mexico.

China's "Auto Belt:" Implications for Assembler Competitiveness

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