26 Articles
May 29, 2020 Official
VW spending $2.2 billion to expand in China's electric car market

It buys big stakes in its Chinese automaker partner, battery maker

Volkswagen is spending 2 billion euros ($2.2 billion) to expand its presence in China’s electric car industry in the biggest foreign investment announced since the country's economy began to reopen following the coronavirus pandemic. Volkswagen AG said Friday it will buy control of its electric vehicle venture with a Chinese partner in a 1 billion euro ($1.1 billion) deal. The German automaker said it would spend another 1 billion euros ($1.1 billion) to become the biggest shareholder in a bat

Associated Press
May 29, 2020
We thought too big, Renault says as it axes 15,000 jobs in cost-cutting reboot

'We're not looking to be on top of the world' any longer

Renault acknowledged that its global ambitions had been unrealistic, announcing plans to cut about 15,000 jobs, shrink production and restructure French plants as it pressed the reset button and sought to banish the spectre of Carlos Ghosn. Faced with a slump in demand that has been exacerbated by the coronavirus pandemic, Renault detailed plans on Friday to find 2 billion euros ($2.22 billion) in savings over the next three years. "We thought too big in terms of sales," said interim Chief Exe

Reuters
May 29, 2020 Motorsports
Renault staying in Formula One despite massive restructuring

This clears up some uncertainty for drivers vying for the open seat

Renault will stay in Formula One, interim Chief Executive Coltilde Delbos said on Friday after announcing the carmaker's restructuring measures including plans to cut 15,000 jobs worldwide. Renault's F1 future had been uncertain given the financial pressures on the French car giant and a slump in demand due to the COVID-19 pandemic. Renault finished fifth overall last season.

Reuters
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