Core Insights - Katrin Adt has been appointed as the new CEO of the Dacia brand, succeeding Denis Le Vot, effective September 1, 2025 [2][3] - Adt brings nearly 26 years of experience in the automotive industry, having held various senior positions at Daimler and Mercedes-Benz, including CEO of Mercedes-Benz in Luxembourg and CEO of the Smart brand [6] - The Dacia brand is recognized for its affordable mobility solutions and is currently expanding with the launch of its new C-segment SUV, BIGSTER [5][12] Company Leadership - François Provost, CEO of Renault Group, expressed gratitude to Denis Le Vot for his contributions and welcomed Katrin Adt, highlighting her experience as a key asset for Dacia [3] - Fabrice Cambolive, Chief Growth Officer of Renault Group, emphasized Adt's expertise in business development and the importance of electrifying Dacia's product range [4] Brand Positioning and Strategy - Dacia is positioned as a specialist brand for affordable mobility, aiming to establish itself as a benchmark in electrified vehicles [4][12] - The brand has seen significant success, with models like Sandero and Duster becoming best-sellers in their respective categories in Europe [12] - Adt aims to continue Dacia's momentum and address the challenges of electrification while maintaining the brand's commitment to accessible mobility [7]

Core Insights - Renault announced the acquisition of Nissan's remaining 51% stake in the Chennai joint venture, making it the sole owner of the facility [2][3] - The acquisition signifies a strategic shift for Renault, allowing for independent operations and decision-making without the constraints of a joint venture [5][6] Company Strategy - The Chennai plant has produced over 2.8 million vehicles since its inception, with 43% (approximately 1.2 million) exported to over 100 countries, highlighting its manufacturing capabilities [3][4] - Renault aims to leverage the Chennai facility as a global production hub for right-hand drive vehicles, targeting markets in Australia, South Africa, and Southeast Asia [7] Market Positioning - The transition to full ownership allows Renault to respond more swiftly to market demands, particularly in the growing Southeast Asian market for small SUVs [6] - Renault expects to reduce production costs by 15%-20% due to India's lower labor costs, enhancing competitiveness in price-sensitive markets [6] Industry Impact - The acquisition is seen as a pivotal move in the global automotive landscape, potentially influencing other automakers to reconsider their strategies in emerging markets [8][10] - The shift in production capacity from traditional markets to emerging markets like India and Southeast Asia reflects a broader trend in the automotive industry [9][10] Future Outlook - By 2027, Renault anticipates that the Chennai plant's export volume could exceed 800,000 units, contributing 12% to the group's global output [7] - The acquisition is expected to inspire new investment models in emerging markets, combining technology transfer with local production and global export [8][9]

Core Viewpoint - Renault Group is positioned for margin growth in the second half of 2025, supported by strong fundamentals, a committed team, and a robust product plan despite facing challenges in the first half of the year [2][3]. Financial Performance - Group revenue reached €27.6 billion, an increase of 2.5% compared to H1 2024, and 3.6% at constant exchange rates [4][5]. - Automotive revenue was €24.5 billion, up 0.5% compared to H1 2024, with a 1.6% increase at constant exchange rates [4][5]. - Group operating margin was €1.7 billion, representing 6.0% of Group revenue, down from 8.1% in H1 2024 [6][21]. - Net income stood at -€11.1 billion, with a net income excluding Nissan impacts of €0.5 billion [14][21]. Operational Highlights - The automotive net cash financial position was €5.9 billion as of June 30, 2025, down from €7.1 billion at the end of 2024 [18][21]. - Free cash flow was €47 million, significantly lower than €1.3 billion in H1 2024, impacted by a negative change in working capital [17][21]. - The total inventory level was 530,000 vehicles, reflecting a healthy management of stock [7][17]. Market Position and Strategy - Renault Group's commercial performance includes being the 2 brand in Europe for passenger cars and light commercial vehicles, with strong sales from the Clio and Duster models [4][21]. - The company is focusing on a flexible business model to meet market demands for combustion, hybrid, and electric vehicles, with a strong order book reflecting two months of sales [22][23]. - The updated financial outlook for 2025 anticipates an operating margin of around 6.5% and free cash flow between €1.0 billion and €1.5 billion [20][22]. Challenges and Adjustments - The company faced a significant non-cash loss of €9.3 billion due to changes in the accounting treatment of its investment in Nissan, impacting overall financial results [10][14][33]. - Renault Group is implementing a strict commercial policy prioritizing value creation over volume to protect vehicle residual values amid increasing competition [21][22].