Renault Group ​will invest more than €10 billion ($11 billion) in ‌France over the next five years in electric vehicles and more affordable cars, Chief Executive François Provost said on Saturday.

Key takeaways De Raad van Bestuur van de Renault Groep heeft François Provost benoemd tot Chief Executive Officer en Bestuurder met ingang van 31 juli. De benoeming van François Provost volgt op een aanbeveling van het Bestuurs- en Remuneratiecomité en markeert een nieuw hoofdstuk voor de autogigant. Uitgebreide ervaring Provost kan terugkijken op meer dan […]

PARIS (Reuters) -Renault named Francois Provost as CEO on Wednesday, opting for a low-profile insider to steer the French carmaker through growing competition and weak demand that triggered a profit warning earlier this month. The rapid promotion of its head of partnerships, less than two months after former boss Luca de Meo’s abrupt departure to join luxury group Kering (EPA:PRTP), comes at a critical time for Renault (EPA:RENA), which was preparing to roll out a new strategic plan later this year. Little-known outside the group, Provost, 57, had spearheaded the automaker’s previous transformation plan unveiled in 2022 by De Meo, and as director of partnerships, was heavily involved in implementing the former CEO’s vision of an asset-light approach to compete with much bigger rivals like Stellantis (NYSE:STLA). "Thanks to his expertise and knowledge of the company, we will be able to complete the implementation of our strategic plan, finalise the terms of the next one, and ensure its successful execution," Chair Jean-Dominique Senard said in a statement. Renault has fared better than many of its peers over the last year thanks to a focus on Europe that largely insulates it from trade turmoil caused by U.S. President Donald Trump’s tariffs. But its reliance on Europe makes it more vulnerable to the region’s sluggish growth, and weaker-than-expected June volumes led it to cut its full-year margin forecast earlier this month and step up cost-cutting measures. OVERSEAS EXPERIENCE AND BUILDING PARTNERSHIPS The new strategic plan, dubbed "Futurama" by De Meo, aims to continue modernising the group’s vehicle range and building partnerships to help Renault keep up in the electric vehicle market, despite being smaller than many EV competitors such as Volkswagen (ETR:VOWG_p), Tesla (NASDAQ:TSLA) and China’s BYD (SZ:002594). Less of a product specialist than De Meo, Provost’s experience overseas and understanding of company strategy likely won over the board, said Michael Foundoukidis, an analyst at Oddo-BHF. With more than 20 years’ experience at Renault, Provost also worked with De Meo on creating the EV unit Ampere, and brought investors into the internal combustion engine and hybrid powertrain business. He has been pivotal in creating and extending Renault’s partnership arrangements, including its cooperation in South Korea with China’s Geely and the reshaping of Renault’s alliance with Nissan (OTC:NSANY), said Morningstar analyst Rella Suskin. A graduate of France’s Polytechnique and Mines engineering schools, Provost began his career at the Ministry of Economy and Finance, before being appointed industrial advisor to the defence ministry. His understanding of the public sector could help in his relations with the French government, one of Renault’s largest shareholders, with a 15% stake. With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Sure, there are always opportunities in the stock market – but finding them feels more difficult now than a year ago. Unsure where to invest next? One of the best ways to discover new high-potential opportunities is to look at the top performing portfolios this year. ProPicks AI offers 6 model portfolios from Investing.com which identify the best stocks for investors to buy right now. For example, ProPicks AI found 9 overlooked stocks that jumped over 25% this year alone. The new stocks that made the monthly cut could yield enormous returns in the coming years. Is RENA one of them?

Principaux renseignements Le nouveau PDG de Renault, François Provost, ancien directeur des achats, se concentre sur la réduction des coûts pour remédier à la baisse des ventes et du cours de l’action du constructeur automobile. Il vise à imiter l’efficacité de ses concurrents chinois tels que Geely, avec lequel Renault a conclu un partenariat. Inquiétudes […]

Principaux renseignements Le Conseil d’Administration du Groupe Renault a nommé François Provost Directeur Général et Administrateur à compter du 31 juillet. La nomination de François Provost fait suite à une recommandation du Comité de Gouvernance et de Rémunération et marque un nouveau chapitre pour le géant de l’automobile. La vaste expérience de François Provost Provost […]