Tag: Renault

Grab raises $1.46b from Vision fund, bumps up Series H total to $4.5b

March 6, 2019 Ride-hailing unicorn Grab has raised $1.46 billion in fresh funding from the SoftBank Vision Fund, bringing the total amassed in its ongoing Series H to $4.5 billion, according to a statement on Wednesday. SoftBank Group Corp is an existing Grab investor. It first bought a stake in Grab for $250 million in… Continue reading Grab raises $1.46b from Vision fund, bumps up Series H total to $4.5b

Carlos Ghosn, jailed for more than 100 days, set to be released on bail

TOKYO (Reuters) – Former Nissan Motor Co Chairman Carlos Ghosn was set to be released on an $8.9 million bail on Wednesday, giving the once-feted executive fresh impetus to build a defense against what he has called “meritless” financial misconduct charges. FILE PHOTO: Carlos Ghosn, chairman and CEO of the Renault-Nissan-Mitsubishi Alliance, attends the Tomorrow… Continue reading Carlos Ghosn, jailed for more than 100 days, set to be released on bail

Pininfarina’s $2 million electric ‘Battista’ hypercar is faster than a Formula 1 race car

Automobili Pininfarina, the automaker brand infused with Pininfarina design house DNA and owned by India’s Mahindra Group, revealed its first production car this week at the Geneva International Motor Show. And it’s an audacious inaugural effort. The Pininfarina Battista — a nod to design house founder Battista “Pinin” Farina — is an all-electric beast of… Continue reading Pininfarina’s $2 million electric ‘Battista’ hypercar is faster than a Formula 1 race car

Ousted Nissan boss Ghosn says will fight ‘meritless’ charges -statement

March 6 (Reuters) – Carlos Ghosn, the ousted chairman of Nissan Motor, said he was innocent and committed to fighting the “meritless and unsubstantiated” accusations against him, according to a statement ahead of his expected release from prison on bail. “I am extremely grateful for my family and friends who have stood by me throughout… Continue reading Ousted Nissan boss Ghosn says will fight ‘meritless’ charges -statement

Toyota and BMW warn on no-deal Brexit

Media playback is unsupported on your device Car giants Toyota and BMW have both warned a no-deal Brexit threatens the production of their cars in the UK. BMW told Sky News it could consider moving production of its Mini from the UK in a no-deal scenario. Separately, the head of Toyota’s European operations said a… Continue reading Toyota and BMW warn on no-deal Brexit

Ex-Nissan boss Ghosn granted bail in Japan

The former boss of Nissan, Carlos Ghosn, has been granted bail by a Tokyo court in a surprise decision. The court set bail at one billion yen (£6.8m; $8.9m) and Japanese media reports said he could be released as early as Tuesday. Mr Ghosn has been charged with financial misconduct but has consistently denied any… Continue reading Ex-Nissan boss Ghosn granted bail in Japan

Renault dismisses question marks over its alliance with Nissan and Mitsubishi

Ensuring permanence of auto alliance a priority, Renault CEO says
1 Hour Ago | 04:24

Renault's new CEO told CNBC that there is no “question mark” hanging over his firm's alliance with Japanese firms Nissan and Mitsubishi.

The partnership was plunged into crisis in November when former Nissan chairman and Renault CEO Carlos Ghosn was arrested in Japan following allegations of financial misconduct. It transpired that Nissan executives had been helping Japanese prosecutors with evidence.

On Tuesday, and after more than three months of detention, Ghosn was granted bail. A Tokyo court approved his release, having denied two previous requests, on the condition he agrees to video surveillance.

Now his replacement at Renault, Thierry Bollore, has told CNBC that over the last month the company had spent a large amount of time working with its Japanese partners to re-establish trust.

Speaking at the 89th Geneva International Motor Show on Tuesday, Bollore said the future of the auto alliance was not under threat.

“It is not at all a question mark. We need more alliance, we need better alliance. This is independent of events,” he told CNBC's Annette Weisbach, before claiming that all three firms were now looking to deepen their cooperation with each other.

“We need to permanently make the alliance progress with our three companies, and make sure we can deliver better together,” Bollore said.

Renault chairman 'extremely confident' in alliance's future
1 Hour Ago | 00:47

Also on Tuesday, Renault's new chairman, Jean-Dominique Senard, said he was also “extremely confident” in the future of the alliance.

“We are working hard to make sure the future of this alliance is brilliant. I'm totally convinced it will happen and we will find ways to make sure it is understood by everybody,” Senard added.

Renault outlook

In mid-February Renault posted its first set of results since the arrest of Ghosn. The French carmaker reported a 35 percent slump in net profit for 2018 to 3.45 billion euros ($3.9 billion).

On Tuesday, Bollore claimed the results were good in the face of a “very shaky year.” The chief executive said he expected the first six months of 2019 to reap “moderate growth” but that a raft of new product launches after the summer would improve sales.

Bollore admitted that the key China market had proved sluggish but said the company was continuing to learn.

Shares of Renault and Nissan have dipped by around 7 percent since Ghosn's arrest.

Carlos Ghosn, former Nissan chairman, granted bail in Japan

Carlos Ghosn Tokyo prosecutors expected to challenge decision to free businessman after charges he underreported his income Carlos Ghosn has repeatedly denied claims he underreported his income by tens of millions of dollars and transferred personal investment losses to the car company. Photograph: Benoît Tessier/Reuters Carlos Ghosn has been granted bail by a court in… Continue reading Carlos Ghosn, former Nissan chairman, granted bail in Japan