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China s Envision to Build $2 4 Billion Battery Plant for Renault
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Renault Revenue Unexpectedly Shrinks as Rival Carmakers Recover
Bloomberg 2 hrs ago Tara Patel
(Bloomberg) Renault SA’s revenue unexpectedly fell in the first quarter as the French carmaker lagged behind European peers in recovering from the pandemic.
Sales fell 1.1% to 10 billion euros ($12.05 billion), according to a statement Thursday, missing the 10.14 billion-euro average of estimates compiled by Bloomberg. BMW AG and Daimler AG, by contrast, have reported better-than-expected preliminary results for the quarter.
Renault’s reliance on Europe and a portfolio of mostly mass-market vehicles have dragged on its prospects for bouncing back from the global health crisis. Many countries in the region including France are still struggling to control the virus and have kept lockdown measures in place.
Renault revenue unexpectedly shrinks as rival carmakers recover
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To secure funds for its turnaround efforts after a record annual loss.
By Christoph Rauwald, Ruth David and Geraldine Amiel, Bloomberg
13 Mar 2021 00:53
Image: Alex Kraus/Bloomberg
Renault SA plans to sell shares in Daimler AG worth about 1.2 billion euros ($1.4 billion) to secure funds for its turnaround efforts after a record annual loss.
The French carmaker will exit its entire holding in Daimler, a roughly 1.5% stake, according to a statement Thursday. Renault already has enough demand for all the stock, according to people familiar with the matter, who asked not to be identified because the information is private.
(Bloomberg) Renault SA has sold its stake in Daimler AG for 1.14 billion euros ($1.4 billion) to secure funds for its turnaround efforts after a record annual loss.The French carmaker exited its entire 1.5% holding in Daimler, according to a statement Friday. Renault divested its shares via a placement at 69.50 euros a piece.Proceeds from the sale will allow Renault to “accelerate the financial de-leveraging of its automotive activity,” the company said. Renault and Daimler have said their industrial partnership that dates back more than a decade will continue.Renault warned investors last month of another challenging year following a worse-than-expected 8 billion-euro annual net loss. Chief Executive Officer Luca de Meo’s daily battles to secure enough semiconductors to keep plants open are complicating his attempt to steer the company out of the rut it’s been in since long-time leader Carlos Ghosn’s arrest in late 2018.Timely ExitDaimler shares ha
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