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Renault warns of tough year ahead for auto makers following chip shortage PUBLISHED BY Renault has warned that a global chip shortage will affect automobile production for 2021. The pandemic, the Texas winter storms, and a fire in a Japanese plant owned by Renesas Electronics, one of the world’s biggest makers of chips for the automotive industry, have all upset any predictions for this coming year. Renault has shied away from putting any production forecast for this year. Renault recorded a loss of €8bn in 2020 and expects the sluggish demand and the global microchip shortage to continue affecting the industry. ....
Renault to sell $1.4 billion Daimler stake to reduce debt PUBLISHED BY Groupe Renault announced Thursday it would sell its 16.45 million stake in Germany’s Daimler AG in order to secure funds for its turnaround efforts after a record annual loss. In an official statement issued late last night, the Renault Groupe said: “Renault SA announces today that it intends to sell its entire stake in Daimler A.G (i.e. 16,448,378 shares, representing 1.54% of the share capital of Daimler) through a placement to qualified investors, as defined in Article 2 point (e) of Regulation (EU) 2017/1129 as amended, by way of an accelerated bookbuilding process.” ....