- Title: Renault CEO says partner on hybrids needs to bring scale
- Date: 11th October 2022
- Summary: SEOUL, SOUTH KOREA (OCTOBER 11, 2022) (REUTERS) RENAULT'S PROMOTION VIDEO PLAYED ON SCREEN AT A NEWS CONFERENCE HELD IN SEOUL LOGO READING (in English and Korean) RENAULT GROUP RENAULT CHIEF EXECUTIVE LUCA DE MEO (LEFT) SITTING AT A TABLE ON STAGE WITH RENAULT KOREA CHIEF EXECUTIVE STEPHANE DEBLAISE (RIGHT) DE MEO ON STAGE (SOUNDBITE) (English) RENAULT CHIEF EXECUTIVE LUCA DE MEO SAYING: "We are working to with on the idea to carve our combustion engine operation around the world and putting together with a partner because this is the kind of sector or industry where you need to play the game of scale to find synergies, and to reduce the cost." NEWS CONFERENCE IN PROGRESS RENAULT EXECUTIVES (SOUNDBITE) (English) RENAULT CHIEF EXECUTIVE LUCA DE MEO SAYING: "It is a project that is there to project our combustion engine technology into the future. We need a partner to do this, and we are doing that. I cannot be too vocal on where we are." JOURNALISTS TYPING AT NEWS CONFERENCE NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (English) RENAULT CHIEF EXECUTIVE LUCA DE MEO SAYING: "Regarding the position of the French state, of course it's one of our key shareholders, so we are in continuous conversation and dialogue because they are part of our company as a shareholder. So as much as we talk about other issues, we obviously also talk about that. It's not a matter of getting authorisation. It's just an ongoing, continuous conversation on different topics we have with one of our main shareholders." DE MEO AT NEWS CONFERENCE
- Embargoed: 25th October 2022 13:35
- Keywords: CEO Luca De Meo Nissan Renault South Korea hybrids news conference
- Location: SEOUL, SOUTH KOREA
- City: SEOUL, SOUTH KOREA
- Country: South Korea
- Topics: Asia / Pacific,Company News Markets,Economic Events
- Reuters ID: LVA001143411102022RP1
- Aspect Ratio: 16:9
- Story Text: Renault Chief Executive, Luca De Meo, said on Tuesday (October 11) the automaker was looking to find a partner to carve-out of its combustion-engine business that would bring scale and drive down costs on technology, including hybrids.
De Meo was answering a question about Renault's discussions with Geely Automobile after touring a factory in South Korea that Renault has been running in a joint-venture with Geely since earlier this year.
"This is the kind of sector or industry where you need to play the game of scale to find synergies, and to reduce user cost," De Meo told reporters in Seoul. "It is a project that is there to project our combustion engine cars into the future. We need a partner to do this, and we are doing that."
De Meo said Renault was in talks with the French government over its evolving strategy. "It's not a matter of authorisation. It's just an ongoing, continuous conversation (on) different topics we have with one of our main shareholders," he said.
De Meo had been in Japan over the weekend for a round of talks with Nissan CEO, Makoto Uchida, that could reshape the terms of their alliance, people with knowledge of the talks said.
Renault and Nissan said on Monday (October 10) they were in talks about a reset in their partnership that could include the Japanese automaker investing in a new electric vehicle (EV) venture Renault plans to carve out from its business. Separately, Geely, which owns Volvo Cars and a 9.7% stake in Daimler AG, has been talking to Renault about taking a significant and potentially controlling stake in the combustion-engine business that Renault is also looking to spin out, people with knowledge of those talks said.
Geely could not be immediately reached for comment. Nissan would also have to endorse the plan for Geely to take a large stake in Renault's gas-engine business, code-named "Horse", if that included technology developed by Nissan.
(Production: Daewoung Kim, Heejung Jung) - Copyright Holder: REUTERS
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