Pays émergents

VW's imperialist enterprise in the media sphere

Dieselgate : and the winner is...

This November, Volkswagen's offensive in the electrical vehicle resulted in an impressive series of announcements and statements by the group's top executives, who seem to want to convince everyone that the inevitable move towards battery-powered electric vehicles is underway and that Volkswagen is the most ready of all manufacturers to lead this change.
 
There is undoubtedly a "Coué method" dimension here that leads managers, afraid of the risks they take, to want to convince themselves, their teams and customers that the battery-powered EV is the right choice.
Above all, there is obviously a very political will to impose a global standard and to create competitive rules of the game for the automotive industry, which will be all the easier for Volkswagen to respect as they will have been largely designed around its convictions and proposals.
 
One of the signs of this political work was given when Angela Merkel, at the beginning of the month, honoured the invitation of the group's leaders to attend the launch of the ID3 assemby plant at the Zwickau plant in eastern Saxony.
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L’entreprise impériale de Volkswagen dans l’espace médiatique

Dieselgate : and the winner is...

En ce mois de novembre, l’offensive électrique de Volkswagen se traduit par une impressionnante série d’annonces et de déclarations des dirigeants du groupe qui semblent vouloir convaincre chacun que l’inéluctable marche vers le véhicule électrique à batterie est en cours et que c’est Volkswagen qui, parmi tous les constructeurs, est le plus prêt à conduire cette mutation.
 
Il y a sans doute là une dimension "méthode Coué" qui conduit les dirigeants effrayés par les risques qu’ils prennent à vouloir se convaincre, convaincre leurs équipes et convaincre les clientèles que l’électrique à batterie est le bon choix.
Il y a surtout d’évidence une volonté très politique d’imposer un standard mondial et de fabriquer, pour l’industrie automobile, des règles du jeu concurrentiel qui seront d’autant plus facile à respecter pour Volkswagen qu’elles auront été en large partie conçues autour de ses convictions et propositions.
 
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Toyota et Honda : différents mais solides

Looks like a no-deal

En ce mois de novembre, nous parviennent les résultats financiers des constructeurs japonais pour le premier semestre de leur exercice qui se clôt fin mars. En attendant ceux de Nissan qui ne seront rendus publics que cette semaine, on peut se pencher sur ceux de Toyota et Honda qui révèlent d’ores et déjà l’inégale exposition des uns et des autres au reflux de la demande mondiale qui se précise.
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Toyota et Honda : different but strong

Looks like a no-deal
This November, we receive the financial results of Japanese automakers for the first half of their fiscal year, which ends at the end of March. Awaiting of Nissan, which will only be made public this week, we can look at those of Toyota and Honda, which already reveal the unequal exposure of Japanese carmakers to the decline in global demand that is now taking shape.
 
From this point of view, Toyota impresses by posting increasing volumes, sales and results.
Toyota sold 4.64 million vehicles from April to September, 220,000 more than last year. Its turnover increased by 600 billion yen (almost 5 billion euros), i.e. by 4%, and its operating income by 140 billion yen (1.16 billion euros, +11%). Its operating margin was 8.6% of turnover for the first half of the previous year, compared to 9.2% for the first six months of 2020.
 
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PSA-FCA: Sergio's ghost is hovering over the deal

Some in the industry need a haircut

As the exact terms of the deal being negotiated and the reactions of the markets become clearer, the scope of this 50-50 appears a bit different from "parity". Indeed, the financial community is calculating, on the basis of the respective valuations of the two groups before the announcement of the project and the operations that will be carried out before the deal, that we would rather be at 60-40 for the benefit of PSA, and that PSA therefore is agrees for the deal to be made at a significant sacrifice. read more

PSA-FCA : l'ombre de Sergio plane sur l'opération

Some in the industry need a haircut
A mesure que se précisent les termes exacts du deal en cours de négociation et les réactions des marchés, les contours de ce 50-50 paraissent un peu moins "paritaires". En effet, les financiers calculent sur la base des valorisations respectives des deux groupes avant l’annonce du projet et des opérations qui vont être conduites avant le deal que l’on serait plutôt à 60-40 au profit de PSA et que PSA consent donc pour que le deal se fasse à un important sacrifice.
En effet, à la clôture de mercredi soir, la capitalisation de PSA s'élevait à 23,19 milliards d'euros quand celle de FCA s'établissait à 18,22 milliards d'euros. On a appris que, avant la réalisation de l’opération, FCA distribuerait à ses actionnaires un dividende exceptionnel de 5,5 milliards d’euros, ainsi que sa participation dans Comau estimée à 250 millions d'euros.
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Renault : sortir de la politique de l'autruche

La même scène vue autrement

Comme pour marquer sa différence et/ou pour souligner ce qui avait pu l’opposer à Thierry Bolloré, Clotilde Delbos a entamé son intérim à la direction générale du groupe Renault par un "profit warning" : non, le retour à un cash flow positif au second semestre ne permettra pas de compenser le cash flow négatif de 700 millions d’euros du premier; non, le chiffre d’affaires ne sera pas constant mais baissera de 3 à 4% de même que la marge opérationnelle sera plutôt de 5% que de 6% comme annoncé en juillet ; non, le plan 2022 ne vas pas être tenu et il est urgent de le redéfinir pour que chacun sache où il va.
 
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Renault: getting out of the ostrich policy

La même scène vue autrement
As if to mark his difference and/or to highlight what might have opposed her to Thierry Bolloré (Renault's former CEO, recently laid off), Clotilde Delbos (appointed to replace him) began her interim period at the head office of the Renault group with a "profit warning": no, the return to positive cash flow in the second half of the year will not offset the €700 million negative cash flow of the first half; no, revenue will not be constant but will fall by 3 to 4% and the operating margin will be 5% rather than 6% as announced in July; no, the 2022 plan will not be implemented and it is urgent to redefine it so that everyone knows where he is going.
 
She did not just talk to the analysts. She also spoke on Tuesday in a video for employees to tell them that the "Drive the Future" plan had to be taken up again because the market has changed over the past two years and that "unfortunately, the situation did not improve during the summer" and requires that the strategy be adjusted to "get Renault back on track".
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