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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Renault    RNO   FR0000131906

RENAULT

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Renault to end van collaboration with Fiat ahead of Fiat/PSA deal

10/23/2020 | 05:46am EST

PARIS, Oct 23 (Reuters) - Renault will stop making vans for rival Fiat Chrysler (FCA), its deputy chief executive Clotilde Delbos said on Friday, as the Italian carmaker finalises a merger agreement with Peugeot-maker PSA Group.

In a deal forged under former Renault boss Carlos Ghosn, the French carmaker had been producing Fiat's Talento vans at its Sandouville plant in France since 2016.

"We're putting an end to some contracts, including the one with Fiat," Delbos told a conference call following Renault's trading update on Friday.

Renault's sales to partners remained a weak spot for the carmaker even as it managed to reduce a drop in third-quarter revenues. The carmaker makes diesel engines for other companies and has several production collaborations, including with Japan's Nissan .

"Our sales to partners will continue to slow and then stabilise at a low level until we are able to sign new contracts," Delbos said.

PSA, is set to complete its tie-up with Fiat by the end of the first quarter of 2021.

Renault had taken over the contract to produce compact vans for Fiat in France from PSA in 2014.

It was not clear whether the Renault/Fiat contract was coming to its natural end or being terminated early. FCA declined to comment and Renault did not give further details.

Carmakers tend to strike production deals of this type to utilise their specialised factories as much as possible.

European Commission antitrust regulators, meanwhile, are examining FCA and PSA's large market share in small vans and have expressed concerns on this front and could potentially request concessions in this area, sources have previously said. (Reporting by Gilles Guillaume in Paris and Giulio Piovaccari in Milan, Writing by Sarah White, Editing by Mark Potter and Jane Merriman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FIAT CHRYSLER AUTOMOBILES N.V. -1.06% 13.068 Delayed Quote.0.26%
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PEUGEOT SA -1.84% 19.8 Real-time Quote.-5.45%
RENAULT -0.32% 34.1 Real-time Quote.-18.84%
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Financials
Sales 2020 43 876 M 52 910 M 52 910 M
Net income 2020 -7 383 M -8 903 M -8 903 M
Net Debt 2020 3 275 M 3 949 M 3 949 M
P/E ratio 2020 -1,20x
Yield 2020 0,06%
Capitalization 9 261 M 11 164 M 11 168 M
EV / Sales 2020 0,29x
EV / Sales 2021 0,24x
Nbr of Employees 179 565
Free-Float 60,7%
Chart RENAULT
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Renault Technical Analysis Chart | RNO | FR0000131906 | MarketScreener
Technical analysis trends RENAULT
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 30,14 €
Last Close Price 34,24 €
Spread / Highest target 140%
Spread / Average Target -12,0%
Spread / Lowest Target -70,9%
EPS Revisions
Managers
NameTitle
Luca de Meo Chief Executive Officer
Jean-Dominique Senard Chairman
Clotilde Delbos Chief Financial Officer & Executive Vice President
Pascale Sourisse Independent Director
Benoît Ostertag Director
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