French car maker Renault said on Friday all options were on the table for separating its electric vehicle business, including a possible public listing in the second half of 2023.
Thierry Pieton, Renault's finance chief, said any plans were subject to approval from its alliance partner Nissan, but made clear the Japanese car maker was “in the loop” as Renault weighs its options.
Renault has been pushing ahead with plans to split its electric vehicle and combustion engine businesses as it seeks to catch up with rivals such as Tesla and Volkswagen in the race to cleaner driving.
Ford said last month it would run its EV business separately from its legacy combustion engine operations.
The news came as Renault posted better-than-expected revenue for the first quarter, as higher prices and rising EV sales largely offset the impact of the war in Ukraine and an ongoing global shortage of semiconductors.
Renault shares briefly spiked as much as 5 per cent after Bloomberg reported that Renault may consider lowering its stake in Nissan as part of its plans to separate its EV business.
Renault declined to comment.
When asked about the report, a Nissan official said: “We do not comment on speculation.”
In early afternoon Paris trading, Renault shares were up 1.4 per cent.
The group, which also makes Dacia and Lada brand vehicles, said its revenue fell by 2.7 per cent from a year earlier to €9.75 billion ($10.6bn). Analysts had expected revenue of around €9.61bn, according to Refinitiv estimates.
Excluding Russian brand Avtovaz and Renault Russia, revenue was down 1.1 per cent at €8.9bn.
Last month, Renault said it would suspend operations at its plant in Moscow while it assesses options on its majority stake in Avtovaz — Russia's leading car maker.
On Friday, the French car maker said talks on the future of Russian operations were “ongoing and making progress".
The drop in first-quarter revenue followed a 17 per cent decline of vehicle sales to 552,000 vehicles, Renault's lowest quarterly total since the depths of the global financial crisis in 2009.
The company said sales of fully-electric and hybrid vehicles rose 13 per cent and accounted for 36 per cent of the total. Prices were up 5.6 per cent from the first quarter of 2021, as the group pursues sales of more profitable cars.
In a client note, JP Morgan analysts described this as a “strong quarter".
“Renault continues to deliver on its pricing and model rationalisation policy and today’s result comes in as another step in the right direction,” they wrote.
Renault confirmed its financial outlook laid out in March for a 2022 operating margin of around 3 per cent and said it would give a detailed update on its targets and strategy later this year.
The global shortage of semiconductors, used in everything from brake sensors to entertainment systems, will cut Renault's planned car production by 300,000 vehicles in 2022, mostly in the first half of the year, the company said.
Renault's order book at the end of March was at a 15-year high of 3.9 months of sales.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
UAE currency: the story behind the money in your pockets
RACE CARD
6.30pm Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m
7.05pm Handicap (TB) $68,000 (Turf) 2,410m
7.40pm Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m
8.15pm Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m
8.50pm Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m
9.25pm Handicap (TB) $65,000 (T) 1,000m
More on animal trafficking
The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
Company%20Profile
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MATCH INFO
West Ham United 2 (Antonio 73', Ogbonna 90 5')
Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The five pillars of Islam
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
COMPANY%20PROFILE
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