Archive - Mar 2019

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March 18

Protected spare parts: are purchasing power problems soluble in the competition?

Gilets Jaunes handling spare parts
On March 5, after referring to the pope of liberalism Friedrich Hayek, the French PM Edouard Philippe, in the context of the celebration of the tenth anniversary of the French Competition Authority, continued his speech as follows: "Competition is obviously not the solution to all problems. But it is one of the solutions to the purchasing power problem that our society is facing (wink Gilets Jaunes). While the State of course has the fiscal and budgetary levers to meet this challenge, we must also tackle another aspect: that of "constrained" spending. These expenses that we cannot do without and whose every unjustified increase is like a hidden tax. The time has come to absorb some of these "blind spots of purchasing power"." 
 
In fact, it will be recalled that in 2012, through a self-referral, the ADLC took an interest in the maintenance and repair markets and, on statistical bases whose fragility was demonstrated by the manufacturers and their lawyers at the time (1), claimed that "in a market of EUR 1,8-2,6 billion, the lifting of the protection of visible spare parts could generate an average gain for consumers of around EUR 200 million'.
 
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March 11

Carlos Tavares nostalgic for a bygone era + ex post clarifications

Raison sur le fond, tort sur la forme?

Carlos Tavares' interview in Le Figaro was apparently intended to alert politicians and citizens to the dangers facing our economies and industries by letting the European authorities set a target for the automotive industry to reduce CO2 emissions by -37.5% for the period 2021-2030. read more

March 8

Valeo or the narrow door between long-term industrial strategy and shareholder impatience

Your money or your life!

Last week's exercise by Jacques Aschenbroich, Valeo's CEO, was quite emblematic of the difficulty that top managers in the automotive industry will face in the coming months. With a stagnant market at best and strong regulatory pressures, financial results will almost inevitably fall short of the promises made in the major strategic plans that each had developed. Analysts and financial markets will not appreciate and will drive down share prices.
 
CEOs will then have to stand firm and defend their long-term strategies and the investments that embody them against strong shareholder pressure.
 
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March 5

Despite their good results, French automakers are imposing wage moderation

French automakers now imposing wage moderation...

February in corporate France is both the month of the presentation of financial results and the month in which management and trade union organisations must close the so-called Négociations Annuelles Obligatoires ("mandatory annual negotiations").
 
Led in the midst of the "yellow vests" social movement in a context where PSA is doing very well and Renault is doing well, one might have expected that after having imposed years of hardship, manufacturers would have given up a little in France and granted the wage increases requested by the unions for 2019.
Indeed, while management is quite happy to grant bonuses that have the great merit of being able to be awarded or not from one year to the next depending on the company's results, and are also exempt from social security contributions, they are reluctant to accept general salary increases.
Conversely, trade unions would like to obtain wage increases that are irreversible and involve an increase in contributions and, therefore, in unemployment or pension rights later.
 
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