Latest news with #LucaDeMeo
Auto Express
a day ago
- Automotive
- Auto Express
The cheap EVs just keep coming and Dacia is at it again!
Earlier this year, Dacia revealed plans to launch a new £15,000 small electric car in double-quick time, reducing the car's development cycle to just 16 months. Now, following our call with the brand's VP for sales and marketing, it appears positive news is just around the corner. Speaking on the media call discussing Dacia's 2025 H1 financial results, Frank Marotte told Auto Express: '[Dacia is] committed to increasing our BEV share, our BEV volumes, and our contribution to the Renault Group's CAFE (Corporate Average Fuel Economy). 'So we keep developing the model that was announced earlier this year by (ex-Renault CEO) Luca de Meo, and we will bring more news to you in the coming months about this. You will not wait for too long,' Marotte told us. Advertisement - Article continues below The existing Dacia Spring is one of the very cheapest EVs money can buy. See if you could save even more via the Auto Express 'Find a Car' service . De Meo claimed the car will be developed in just 16 months, beating the 21 months that it'll take the Twingo to go from green light to production. 'I defy any competitor in the world to do that, including the Chinese when they come to Europe,' de Meo said at Renault's annual results conference back in January, where the group announced a third successive year of record figures. Skip advert Advertisement - Article continues below It means Dacia's next EV is now less than 12 months away, with a launch planned for summer 2026. De Meo pledged that the new car, which will be based on the new Renault Twingo, will cost less than 18,000 Euros (around £15,000), and that it will 'always be a true Dacia, and true value for money', as well as 'making money in the way Dacia is used to'. The model is likely to be sold, at least in the short term, alongside the existing Dacia Spring EV – itself new to market only last year. But because the Spring is built in China, it's at the mercy of European tariffs on Chinese EVs, which could raise its price by as much as 35 per cent. In time, the new model will probably replace the Spring in the UK and Europe. It should offer an improvement on the Spring's 140-mile range, although it will still be an urban-focused model with efficiency and value at its core. It'll major on its small footprint, but with five doors and seating for four. Basing the car on the group's AmpR Small platform will boost economies of scale, made easier by the fact that Renault has now confirmed the Twingo will be built in right-hand drive – meaning the dinky Dacia is all but confirmed for the UK, too. Find a car with the experts MG4 and MGS5 EV prices slashed in reply to Government Electric Car Grant MG4 and MGS5 EV prices slashed in reply to Government Electric Car Grant In order to boost sales, MG is announcing its own a £1,500 grant for some of its EVs Chinese cars will take over as Britain's best sellers Chinese cars will take over as Britain's best sellers With a dramatic rise in sales, Mike Rutherford thinks it's only a matter of time before Chinese cars outsell all other countries in the UK Roll over diesel: EVs are now doing the big mileage in the UK Roll over diesel: EVs are now doing the big mileage in the UK The average UK electric car now covers more than 10,000 miles per year, a similar amount to the average diesel.
Yahoo
a day ago
- Automotive
- Yahoo
Renault second-quarter sales volumes flat on drop in demand for vans
PARIS (Reuters) -Renault reported zero growth in second-quarter sales volume on Wednesday, after a plunge in demand for vans in Europe offset growth in passenger cars. The French automaker, which had warned last week of weaker than expected June sales volumes, said its second-quarter sales were down 0.1%, despite a raft of new vehicle launches. That compared with growth of 2.8% in the first quarter. "Throughout the first half of the year, we have seen increasingly fierce competition between players in the European commercial vehicle market," said Ivan Segal, global sales and operations director for the Renault brand, which represents 70% of the French automaker's sales. "Demand is difficult, we sense an economic context full of uncertainty, certainly leading companies to postpone a certain number of purchases," he told reporters. Renault is currently being run by its finance chief Duncan Minto as it searches for a new chief executive to replace Luca de Meo, who departed this month. The company, which will publish its full half-year figures on July 31, also last week revised down its full-year operating margin and free cash flow forecasts. While Renault brand car sales increased by 8.4% in the first half, thanks in particular to the Clio, a best-seller in Europe, sales of highly profitable vans and light commercial vehicles, which make up a fifth of Renault sales volumes, fell by 29%. The decline was exacerbated by an unfavourable base effect and an update to its product offering. Sales of Renault brand electric vehicles jumped 57%, however, outperforming a market that grew by 25%, thanks to the success of the R5 in France, Germany and Spain. The A290, the new electric model under Renault's Alpine premium sports brand, helped the brand post an 85% jump in registrations in the first half of 2025. Segal said he expects the Renault brand to regain market share in commercial vehicles in the second half. He added overall growth would be "in line" with the first half while the brand would see double-digit growth outside Europe. Renault generates more than 70% of its sales in Europe, which has protected it from the trade disruptions linked to U.S. tariffs but makes it vulnerable to any slowdown on the continent where competition from new Chinese entrants is rising. Seeking higher growth markets, the Renault brand has been rolling out new models in Latin America, Turkey, Morocco and Korea, which resulted in a 16.3% increase in sales outside Europe in the first half of the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
a day ago
- Automotive
- Reuters
Renault second-quarter sales volumes flat on drop in demand for vans
PARIS, July 23 (Reuters) - Renault ( opens new tab reported zero growth in second-quarter sales volume on Wednesday, after a plunge in demand for vans in Europe offset growth in passenger cars. The French automaker, which had warned last week of weaker than expected June sales volumes, said its second-quarter sales were down 0.1%, despite a raft of new vehicle launches. That compared with growth of 2.8% in the first quarter. "Throughout the first half of the year, we have seen increasingly fierce competition between players in the European commercial vehicle market," said Ivan Segal, global sales and operations director for the Renault brand, which represents 70% of the French automaker's sales. "Demand is difficult, we sense an economic context full of uncertainty, certainly leading companies to postpone a certain number of purchases," he told reporters. Renault is currently being run by its finance chief Duncan Minto as it searches for a new chief executive to replace Luca de Meo, who departed this month. The company, which will publish its full half-year figures on July 31, also last week revised down its full-year operating margin and free cash flow forecasts. While Renault brand car sales increased by 8.4% in the first half, thanks in particular to the Clio, a best-seller in Europe, sales of highly profitable vans and light commercial vehicles, which make up a fifth of Renault sales volumes, fell by 29%. The decline was exacerbated by an unfavourable base effect and an update to its product offering. Sales of Renault brand electric vehicles jumped 57%, however, outperforming a market that grew by 25%, thanks to the success of the R5 in France, Germany and Spain. The A290, the new electric model under Renault's Alpine premium sports brand, helped the brand post an 85% jump in registrations in the first half of 2025. Segal said he expects the Renault brand to regain market share in commercial vehicles in the second half. He added overall growth would be "in line" with the first half while the brand would see double-digit growth outside Europe. Renault generates more than 70% of its sales in Europe, which has protected it from the trade disruptions linked to U.S. tariffs but makes it vulnerable to any slowdown on the continent where competition from new Chinese entrants is rising. Seeking higher growth markets, the Renault brand has been rolling out new models in Latin America, Turkey, Morocco and Korea, which resulted in a 16.3% increase in sales outside Europe in the first half of the year.
Reuters
6 days ago
- Business
- Reuters
For new Kering CEO, offloading Valentino would be tough but smart reset
PARIS/MILAN, July 18 (Reuters) - Luxury group Kering's partner in Valentino was quick to rule out a newspaper report on Friday that the two were considering selling the Italian fashion label. But that could be just the move that incoming Kering CEO Luca de Meo needs to reset the debt-laden Gucci owner - even if it comes at a cost. Under current Chairman and CEO Francois-Henri Pinault, Kering bought a 30% stake in Valentino for 1.7 billion euros in 2023 from Qatari fund Mayhoola to diversify away from slowing star brand Gucci, with a commitment to buy the rest by 2028. However, the deal includes options that could force Kering to buy the remaining 70% as soon as May 2026, company filings show, potentially adding to Kering's 10-billion-euro-plus debt pile. In a note to clients this month, Bank of America analyst Mark Xu estimated the potential liability at 4-6 billion euros ($4.7-7.0 billion), depending on Valentino's performance. Revisiting the Valentino deal, which would require bringing Mayhoola back to the negotiating table, will be one of the first and biggest challenges for De Meo, industry experts and bankers say. The former Renault boss was picked in June to turn round the 24-billion-euro French luxury conglomerate. "With incoming CEO Luca de Meo joining in September 2025, not having to deal with the integration of Valentino may be one less thing on his already long to-do list," RBC analysts said on Friday. Contacted by Reuters about the report in Italian newspaper Corriere della Sera that Valentino could be put up for sale, Mayhoola CEO Rachid Mohamed Rachid said it was "untrue". Kering declined to comment. Kering shares rose 3.5% after the report, outperforming the STOXX Europe 600 index, suggesting investors would welcome a sale. Investment bankers told Reuters they expect De Meo to start reviewing Kering's entire portfolio. Besides Gucci, the group owns brands including Bottega Veneta and Yves Saint Laurent and high-end perfume label Creed, which Pinault bought in 2023 for 3.5 billion euros amid a wider acquisition spree. Pinault's swoop on Valentino was meant to create a second flagship brand rooted in haute couture. However, shortly afterwards the luxury sector entered a prolonged slump, and the Italian label appointed former Gucci designer Alessandro Michele to replace long-serving Pierpaolo Piccioli. Last year, Valentino's revenue declined 2% at constant exchange rates to 1.3 billion euros, while its core earnings (EBITDA) - the crucial variable for any prospective buyer - fell 22% to 246 million euros, filings show. The slowdown in demand for Valentino's designs put Kering at risk of potentially having to paying an excessive price for the Italian label at a time when the conglomerate is already struggling with rising debt and lower sales, according to three industry sources. Things at Valentino did not improve much in the first months of 2025, according to one source familiar with the label and a banking source. Last month, Valentino said its went on sick leave. Adding to its troubles, one of the brand's units has also been put under court administration in Italy after an investigation exposed labour exploitation in its supply chain. Any near-term sale would therefore have to come at a hefty discount. "Offloading the asset would make sense for De Meo, but he would have to accept a writedown," said one of the industry sources. Investors in Kering may swallow the hit if they believe it would allow De Meo to focus on his biggest challenge: reviving Gucci, which still makes up almost two-thirds of Kering's core profit. For Mayhoola, however, settling for much less than the stellar price tag it achieved in 2023 could be painful. "The Valentino deal is the best deal Rachid ever made," a source close to Mayhoola told Reuters after De Meo's appointment in June. ($1 = 0.8588 euros)
Yahoo
16-07-2025
- Automotive
- Yahoo
Renault shares crash 17% after the automaker's profit warning
Renault shares plummeted 17% after cutting its annual guidance. The morning slump was the steepest one-day drop since the start of the pandemic. The company appointed Duncan Minto as interim CEO after Luca de Meo's departure. Renault shares crashed as much as 17% after the French automaker cut its guidance for the year. Late Tuesday, the company lowered its operating margin guidance for 2025 from at least 7% to 6.5%. On Wednesday, Renault's stock on the Euronext Paris exchange was down 16.3% at 34.79 euros at 10:00 a.m. local time, marking its steepest one-day drop since the start of the COVID-19 pandemic in 2020. Renault attributed the revised forecast to "the deterioration of the automotive market trends with an increasing commercial pressure" from competitors and a slowdown in the retail segment. The company is also aiming for a free cash flow between 1 billion to 1.5 billion euros, down from at least 2 billion euros previously. Analysts at Jefferies wrote in a Tuesday note that Renault's revised guidance may imply "greater underlying deterioration," since the automaker's previous targets had already accounted for stricter emissions compliance costs. However, the European Union is easing compliance rules for carbon dioxide emissions. Renault is heavily reliant on Europe, and the company's comments "tie in with signs of weakening European demand," wrote the analysts. Renault could continue to face market pressure beyond June, wrote Rella Suskin, an analyst at Morningstar, on Wednesday. "Most of the European carmakers have released a new lineup of affordable electric vehicles, increasing competition," Suskin wrote. Although the historic French carmaker's reliance on Europe means it is largely insulated from the US tariffs on imported vehicles that have shaken many of its rivals, Renault faces growing competition in Europe from a wave of Chinese automakers. Tesla rivals BYD, Xpeng, and Chery are all expanding rapidly in Europe. Last month, BYD began selling the Dolphin Surf, the European version of its ultra-cheap Seagull electric city car, which competes with the Renault 5 and sells for 23,000 euros ($26,000) in Europe. Separately, Renault announced the appointment of Duncan Minto as interim CEO, following the resignation of Luca de Meo last month. De Meo joined luxury group Kering. Renault is expected to report half-year earnings on July 31. The company's shares are down more than 25% this year. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
