Word: renault
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...plunging consumer demand - new-car sales across Europe dropped 14.5% in October - France's two major automakers, Renault and Peugeot-Citroen, have temporarily shut down production at several plants. Peugeot is expected to present a plan Tuesday to cut 2,700 jobs. In Germany, Chancellor Angela Merkel has been more cautious in response to the crisis, and warned against precipitate state intervention. Still, Berlin is expected to approve up to $1.26 billion in loan guarantees for Opel if parent company GM goes under...
...think people are all going to go for one type of car. As for our company, we are taking leadership into mass-marketing electric cars. In 2012, we are going to be in the main markets in the world with electric cars - both from Nissan and Renault - and it is not going to be one car, we are going to have a product lineup. You are going to have a small car for the city, and a family car, and you're going to have a 4-by-4. We don't want to have one model. We want...
...Company results and announcements out today will further darken the picture. In France, for example, the country's two major automobile manufacturers - Renault, and the PSA group that makes Peugeot and Citroën cars - said they will temporarily close all their domestic factories this week, and have asked employees to stay away on paid leave in response to shrinking demand. Germany's Ifo Institute, meanwhile, said its primary activity index, which measures industry and trade activity, fell to a five-year low last month...
...Indeed, automobiles have become Turkey's single most important industry, overtaking the traditional No. 1, textiles. Along with Renault, three other foreign giants - Fiat, Honda and Toyota - all have significant production facilities in the country. About 80% of output is exported, mainly to Europe, which until recently meant booming business. But as the specter of recession comes to haunt Germany, France and the rest of the Continent, automotive sales have been badly hit. In Turkey, that has resulted in a drop in production since June, after five years of continuous growth. "Foreign orders are drying up and there's nothing...
...Turkey's oddities that the Steag plant, the Isdemir steel factory and the Renault plant are either joint ventures with or wholly owned by an organization called OYAK, which is the military's professionally managed pension fund. Unusually for a pension fund, OYAK directly owns and operates major sectors of the Turkish economy, and it has boomed along with Turkey these past six years. Indeed, OYAK is now the third largest business in the nation, behind the conglomerates owned by the Sabanci and Koc families. Its rapidly growing profits this decade have ensured that military officers now get substantial lump...