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Renault sees first loss in a decade

Renault logo
Reuters

We told you earlier about Japanese car giant Nissan's latest woes, but its French ally Renault, of which it owns 43%, is also having a tough time today.

The French carmaker has reported itsfirst annual loss in a decade and cut its 2020 margin target,as it too attempts to put the Carlos Ghosn affair behind it.

Renault's net income figures showed a loss of ?141m (?117m), partly because of charges linked to some of its Chinese joint ventures.

"It has been a tough year for Groupe Renault and thealliance," said acting chief executive Clotilde Delbos, adding that a downturn in the car market had come "right when we were facing internal difficulties".

Renault said its 2020 operating margin target would be between 3% and4%, down from 4.8% in 2019. It also cut its proposed dividend by almost 70% from a year earlier.

The boss of Ford in Europe wants the government to reconsider plug-in hybrid ban

The boss of Ford in Europe said a ban on plug-in hybrids by 2032 should be reconsidered
The boss of Ford in Europe has told BBC 5 Live??s Wake Up To Money the Government needs to re-consider a ban on plug-in hybrid cars by 2032. Stuart Rowley, who??s president of Ford of Europe, says they can be important part of the technology mix. At the moment hybrid cars will be part of a ban on the sale of new petrol and diesel vehicles which the Transport Secretary Grant Shapps told 5 live yesterday could happen as soon as 2032. Stuart Rowley said ?°For people who are travelling long ranges we think they can be a really important part. We shouldn??t be technology specific, we need to look at the outcomes we can achieve?±

Ready for the challenge?

Today Programme

BBC Radio 4

Ford logo
GETTY IMAGES

More on that ban on selling new petrol, diesel or hybrid cars in the UK being brought forward to 2035 at the latest.

Stuart Rowley, president of Ford Europe, told the BBC's Today programme that infrastructure and consumer confidence in electric vehicles could be "barriers" to meeting the goal.

He said: "What's going to be key to adoption is costumers having the confidence that they will be able to charge their vehicles, be able to use it."

"There's going to have to be a huge amount of co-operation if we're really going to be able to make this transition."

He added that Ford was in the middle of installing 1,000 charging stations at its office and industrial facilities.

Used car market holding steady

Cars
Getty Images

Second-hand car sales slipped slightly in the last quarter, according to the Society of Motor Manufacturers.

Used car registrations fell 0.1% for Q4, while diesel cars dipped 0.6%.

?°Wemay not have seen a roaring ??Boris Bounce?? in car sales, but increased consumerconfidence following the election has meant the traditional winter slowdown hasbeen less biting and the tail end of December gave the quarter a much neededboost," said Se‥?n Kemple, director of sales at Close Brothers MotorFinance.

"Onthe whole, the tough 2019 for new car sales hasn??t hit as hard in the usedmarket, and we??re likely to see this trend continue as drivers look to cut costs."

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