Short interest for Renault gives investors a sense of the degree to which investors are betting on the decline of Renault's stock. Short interest data is updated every two weeks.

Renault Stock (OTC:RNSDF), Short Interest Report

Renault possesses a global alliance of automotive manufacturing, financing, and sales operations. The company's alliance partners consist of Dacia (99.4%), Nissan (43.7%), Renault Samsung Motors (80.0%), and Mitsubishi (Nissan owns 34%). The Renault-Nissan-Mitsubishi alliance is the fourth-largest vehicle group in the world as measured by volume, behind Toyota, Volkswagen, and Hyundai/Kia.

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Adient has put forward restructuring plans in Europe to reduce operating, administrative and engineering costs. The plan primarily consists of workforce reductions and the transfer of work to countries with lower labor costs.

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Stellantis CEO Carlos Tavares highlighted the need for adaptation, warning of a potential &#34;bloodbath&#34; in the European auto industry if companies fail to keep up with Chinese competition.

3 European Auto Giants Consider Joining Forces To Tackle The Might Of Tesla And Chinese EV Rivals

Stellantis

This response comes after the Italian daily Il Messaggero suggested that the French government, Renault&#39;s major shareholder, was exploring a merger between the two groups.

Renault&#39;s Shares Shoot Up On Merger Rumor But Stellantis Pops The Bubble: &#39;There Are No Plans&#39;

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Adient PLC&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADNT#NYSE">ADNT</a>) has put forward restructuring plans in&nbsp;<a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1670541/000167054124000065/adnt-20240331.htm" rel="noreferrer noopener">Europe&nbsp;</a>to reduce operating, administrative&nbsp;and&nbsp;engineering costs.&nbsp;
The plan primarily consists of workforce reductions and the transfer of work to countries with lower labor costs.
This move is in response to the changes in the European automotive market and to ensure the company's competitive cost structure by slashing labor costs and increasing efficiencies.
Adient expects a restructuring charge of approximately $125 million in the second quarter of fiscal year 2024, entirely related to termination benefits in Europe.
The restructuring actions mentioned will occur in fiscal 2025 and 2026 and&nbsp;are expected&nbsp;to be completed by fiscal 2027.
The restructuring activity&nbsp;is expected&nbsp;to result in&nbsp;the annual&nbsp;operating cost reduction of $60 million.
As of September 2023, Adient had 70,000 employees worldwide, with about 42%&nbsp;of them&nbsp;working in the Europe, Middle East and Africa (EMEA) region, reported Reuters.
Strikes by the United Automotive Workers (UAW) affected production volumes,&nbsp;affecting&nbsp;sales in the December quarter.
Adient supplies seats to automotive majors, including&nbsp;Ford Motor Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>),&nbsp;General Motors Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>),&nbsp;Stellantis N.V.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>),&nbsp;Volkswagen AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) and&nbsp;Renault SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>).
Price Action: ADNT shares closed higher by 0.55% at $28.99 on Monday.
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European automotive giants&nbsp;Volkswagen AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>),&nbsp;Renault SA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>), and&nbsp;Stellantis NV&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) are reportedly considering an unprecedented partnership to tackle the growing threat from&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/02/37206632/tesla-struggles-to-keep-up-with-a-chinese-ev-rival-in-europe-no-its-not-byd" rel="noreferrer noopener">Chinese EV makers and&nbsp;Tesla</a>.
What Happened: As reported by&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-20/vw-renault-and-stellantis-under-pressure-to-team-up-on-cheap-evs?embedded-checkout=true" rel="noreferrer noopener">Bloomberg</a>&nbsp;on Monday, the automakers are exploring the idea of joining forces to produce affordable EVs, a move that would require them to set aside their historical rivalry.
The companies are facing increased competition from Chinese EV firms and Tesla, which has exposed their vulnerabilities. This has prompted a sense of urgency among European carmakers, who realize that the traditional approach is no longer viable.
Stellantis CEO&nbsp;Carlos Tavares&nbsp;highlighted the need for adaptation, warning of a potential &#8220;bloodbath&#8221; in the European auto industry if companies fail to keep up with Chinese competition.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-electric-vehicle-stocks" rel="noreferrer noopener">Best Electric Vehicle Stocks</a>
The European car industry is also grappling with a slowdown in EV adoption, caused by factors such as the reduction of government incentives, rising repair costs, and consumer frustration over climate policies affecting their finances.
Why It Matters: The European Commission has been&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/01/36612885/chinese-ev-makers-byd-geely-under-eu-scrutiny-report" rel="noreferrer noopener">scrutinizing Chinese EV manufacturers</a>&nbsp;for potential unfair advantages due to state subsidies. The investigation, launched in October, aims to determine whether Chinese-made EVs are gaining an unfair advantage from state subsidies. The probe includes BYD Company, Geely Automobile Holding, and SAIC, among others.
Furthermore, the European Commission is considering imposing&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/23/09/34550167/eu-tariff-talks-on-chinese-ev-imports-jolt-market-these-european-giants-are-set-to-gain" rel="noreferrer noopener">tariffs on Chinese EV imports</a>, a move that could potentially benefit European automakers like Stellantis and Renault by reducing competition in the European market.
Earlier, it was reported that European automakers were <a href="https://www.benzinga.com/markets/asia/23/07/33411425/european-automakers-forge-power-packed-partnerships-in-china-to-conquer-booming-ev-market" target="_blank" rel="noreferrer noopener">forging partnerships with Chinese firms</a> to gain a larger share of the world&#8217;s largest auto market. Volkswagen, for instance, partnered with Chinese EV startup XPeng in a bid to regain its foothold in China, where it has been losing ground to local EV manufacturers and Tesla.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/mobility" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/02/37231836/tesla-takes-aim-at-toyota-model-y-now-cheaper-than-prius-phev-in-germany" target="_blank" rel="noreferrer noopener">Tesla Takes Aim At Toyota: Model Y Now Cheaper Than Prius PHEV In Germany</a>
Photo by RaffMaster on Shutterstock.
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In a recent statement, Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>) Chairman John Elkann dismissed rumors of a potential merger with French automaker Renault (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>).
What Happened: Elkann, on Monday, refuted the ongoing speculation about a merger between Stellantis and Renault, reported Reuters.
&#8220;There are no plans being studied regarding mergers of Stellantis with other manufacturers,&#8221; Elkann said in a statement,&#8221; Elkann said, adding that the focus is on executing its long-term business plan.
See Also: <a href="https://www.benzinga.com/news/24/02/36906793/gm-chief-mary-barra-rewrites-roadmap-plug-in-hybrids-to-deliver-green-goals-a-ev-growth-slows?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">GM Chief Mary Barra Rewrites Roadmap: Plug-In Hybrids To Deliver Green Goals As EV Growth Slows</a>
This response comes after the Italian daily Il Messaggero suggested that the French government, Renault&#8217;s major shareholder, was exploring a merger between the two groups.
Why It Matters: Stellantis&#8217;s denial of the merger plan comes at a time when the automotive industry faces significant challenges. Stellantis CEO Carlos Tavares recently <a href="https://www.benzinga.com/news/24/01/36705212/stellantis-ceo-cautions-against-cost-reductions-after-tesla-slashes-price-of-its-best-selling-suv-yo">cautioned against cost reductions</a>, warning of potential acquisition risks. Tavares stressed the importance of maintaining profitability amidst price cuts in the industry.
On the other hand, Renault, amid a challenging stock market, <a href="https://www.benzinga.com/news/24/01/36839057/renault-group-hits-brakes-on-ev-software-arm-amperes-ipo-amidst-challenging-stock-market">postponed the IPO of its European EV </a>and software arm, Ampere. The company decided to continue funding Ampere&#8217;s development until it reaches breakeven in 2025, citing its 2023 results as proof of its ability to generate sustainable cash flow for future operations.
Read Next: <a href="https://www.benzinga.com/news/24/02/36921584/rivian-beats-tesla-bmw-in-customer-satisfaction-elon-musks-ev-giant-slips-to-5th-position-survey?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Rivian Beats Tesla, BMW In Customer Satisfaction: Elon Musk&#8217;s EV Giant Slips To 5th Position: Survey</a>
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Renault's Shares Shoot Up On Merger Rumor But Stellantis Pops The Bubble: 'There Are No Plans'

Stellantis Chairman John Elkann Said Had No M&A Plans In Response To Press Speculation Regarding Possible Merger With Renault

French automaker Renault Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNLSY#OTC">RNLSY</a>) on Monday said that it has decided to call off the initial public offering (IPO) of its European<a href="https://www.benzinga.com/markets/equities/23/12/36157108/volkswagen-explores-affordable-ev-market-reportedly-discusses-potential-20-000-electric-car-with"> EV and software arm </a>Ampere, given current stock market conditions. 
What Happened: Renault was previously eyeing for Ampere to go public in the first half of 2024. However, the company now intends to continue funding the development of Ampere until it reaches breakeven in 2025, it said in a statement. 
The company added that its 2023 results prove its ability to generate sustainable cash flow for future operations including Ampere without the IPO. 
&#8220;Today, we took a pragmatic decision. We are all focused on executing our strategy and building our track record to create value for all our stakeholders," Renault and Ampere CEO Luca de Meo said. 
See Also:&nbsp;<a href="https://www.benzinga.com/money/best-auto-manufacturers-stocks" target="_blank" rel="noreferrer noopener">Best Auto Manufacturer Stocks Right Now</a>
Future Focus: Ampere will now focus on reducing EV cost by 40% and on upcoming vehicle launches including the Scenic, Renault 4, Renault 5<a href="https://www.benzinga.com/markets/equities/23/12/36179357/renault-looks-to-choose-twingo-ev-partner-by-early-2024-report">, Twingo</a>, and 2 additional cars.
Renault did not immediately respond to Benzinga&#8216;s request for comment on investments that might be at stake due to the cancellation of the IPO. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/01/36838174/arrivals-dilemma-deepens-electric-van-maker-gets-nasdaq-delisting-notice-amid-talks-for-financia">&nbsp;Arrival's Dilemma Deepens: Electric Van Maker Gets Nasdaq Delisting Notice Amid Talks For Financial Lifeline</a>
Image by Ivan Radic via Flickr

RNLSY

Renault Group Hits Brakes On EV-Software Arm Ampere's IPO Amidst Challenging Stock Market

The European Commission is set to conduct inspections of several Chinese automakers, including BYD Company (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holding (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), and SAIC, as part of a probe into potential punitive tariffs to protect European <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) manufacturers</a>. 
This investigation aims to evaluate whether Chinese-made EVs are gaining an unfair advantage from state subsidies.
Launched in October and expected to last 13 months, the probe will not include non-Chinese brands produced in China, such as Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Renault SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNLSY#OTC">RNLSY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RNSDF#OTC">RNSDF</a>), and BMW (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>), reported Reuters. 
The inspection, described as protectionist by China, has heightened tensions between Beijing and the European Union.
The European Commission&#8217;s investigative team, currently in China or scheduled to arrive soon, will conduct on-site verification checks. 
The process involves assessing the automakers&#8217; responses to previously issued questionnaires. The Commission aims to complete these verification visits by April 11 as part of its initiation stage of the investigation.
Chinese EVs have seen a considerable rise in the European market, currently holding an 8% share, with projections of reaching 15% by 2025. 
These vehicles generally retail at prices 20% lower than those made in the EU. This poses a competitive threat to European automakers.
The investigation comes amidst broader tensions between the EU and China, exacerbated by Beijing&#8217;s relationship with Moscow after the invasion of Ukraine. 
EU&#8217;s is taking efforts to reduce dependency on Chinese imports for its green transition. In retaliation, China recently initiated an anti-dumping investigation into European brandy imports.
Chinese EV makers like BYD, Xpeng Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Nio Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) are increasingly focusing on international expansion, especially in Europe.
China&#8217;s prominence in the global auto export market is growing. It surpassed Japan as the world&#8217;s largest auto exporter last year, shipping 5.26 million vehicles valued at about $102 billion.
Price Action: BYDDY shares are trading higher by 0.20% at $54.28 in premarket on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Chinese EV Makers, BYD, Geely Under EU Scrutiny: Report

Passengers of&nbsp;Ryanair Holdings Plc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYAAY#NASDAQ">RYAAY</a>) are reportedly unfazed about flying on&nbsp;Boeing Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) 737 aircraft, despite the grounding of several 737 MAX jets&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36523143/im-going-to-die-passengers-experience-15-minute-nightmare-during-alaska-airs-harrowing-emergency" rel="noreferrer noopener">following a cabin panel blowout incident&nbsp;</a>on an&nbsp;Alaska Air Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>) flight.
&#8220;We see no indication of any passenger concern &#8230; not one passenger,&#8221; Chief Executive Michael O&#8217;Leary told Reuters in an interview, adding that the most significant challenge faced by the MAX was its nearly two-year grounding in 2019, which occurred in the aftermath of two major crashes.
On Saturday, the U.S. Federal Aviation Administration (FAA) grounded 171 MAX 9 airplanes following an incident where a door plug panel blew off an Alaska Airlines flight shortly after its departure from a Portland airport on Friday.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36580671/airline-stocks-clear-for-take-off-in-2024-but-economic-consumer-confidence-clouds-g" rel="noreferrer noopener">Airline Stocks Cleared For Takeoff In 2024, But Economic And Consumer Confidence Clouds Gather</a>
O&#8217;Leary mentioned that although the MAX 9 incident was concerning, he confirmed after extensive weekend phone conversations with U.S., European, and Irish regulators that this issue does not extend to the MAX 8 model, which Ryanair operates, or the MAX 10 model that the airline has on order, Reuters added.
O&#8217;Leary further stated that although the U.S. aircraft manufacturer has made &#8220;tremendous strides&#8221; in improving production quality over the past two years, he noted that &#8220;they&#8217;re not there yet,&#8221; according to the report.
&#8220;We ourselves have found minor issues on aircraft deliveries that shouldn&#8217;t be occurring in a world class manufacturer like Boeing and I think Boeing have more to do on the quality control side,&#8221; he said, as noted by Reuters.
Also See:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36561497/boeing-faces-reputational-damage-after-midair-door-blowout-4-analysts-on-collateral" rel="noreferrer noopener">Boeing Faces &#8216;Reputational Minefield&#8217; After Midair Door Blowout: 4 Analysts On Collateral Damage From 737 MAX 9 Grounding</a>
O&#8217;Leary expressed his unwavering commitment to Boeing for future orders and conveyed his strong confidence in Boeing CEO Dave Calhoun and Finance Chief Brian West.&nbsp;
However, he also noted that Ryanair still harbors concerns regarding the day-to-day production management at Boeing&#8217;s Seattle facilities and that of their supplier,&nbsp;Spirit Aerosystems Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>), located in Wichita.
&#8220;They&#8217;ve changed the management in Wichita but I think more needs to be done with the day-to-day management in Seattle,&#8221; O&#8217;Leary said, which Reuters noted.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36581863/credit-concerns-spark-downgrades-american-express-capital-one-synchrony-financial-h" rel="noreferrer noopener">Credit Concerns Spark Downgrades! American Express, Capital One, Synchrony Financial Hit By Credit Quality Doubts Analyst</a>
Price Action:&nbsp;RYAAY shares are trading higher by 0.89% to $124.21 premarket on the last check Thursday.
Photo via Company

RYAAY

Ryanair Passengers Reportedly Unshaken By Boeing Safety Drama, CEO O'Leary Says "We See No Indication Of Any Passenger Concern"

French automaker&nbsp;Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) is reportedly seeking a partnership to develop its new Twingo electric vehicle and aims to finalize its partner choice potentially by early next year.
Renault has confirmed ongoing discussions with several automakers regarding a potential partnership, although specifics on the names and timings remain undisclosed, reported Reuters.
The French carmaker is in discussions with Germany&#39;s&nbsp;Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) on partnering on the new Twingo EV, the report further noted.
Renault unveiled the new Twingo EV, named &#39;Legend,&#39; last month, priced under &euro;20,000 ($21,500). According to the report, Thierry Pieton, Renault&#39;s finance chief, emphasized the company&#39;s goal of democratizing the EV market with this launch.
Related:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/12/36157108/volkswagen-explores-affordable-ev-market-reportedly-discusses-potential-20-000-electric-car-with" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Volkswagen Explores Affordable EV Market, Reportedly Discusses Potential &euro;20,000 Electric Car With Renault</a>
Citing JATO Dynamics, a research firm specializing in autos, Reuters reported the average retail price of an electric vehicle in Europe exceeded &euro;65,000 in the first half of 2023, compared to about &euro;31,000 in China.
Price Action: RNLSY shares are trading lower by 0.45% at $8.11 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Via Company

Renault Looks To Choose Twingo EV Partner By Early 2024: Report

Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>) is reportedly in preliminary discussions with French car maker&nbsp;Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) and other potential partners to develop a cost-effective electric vehicle priced at around &euro;20,000 ($21,476).
The talks with Renault are in their nascent stages and may not necessarily lead to a definitive partnership, reported Reuters, citing Germany&#39;s Handelsblatt newspaper.
The joint goal with any partner would be to manufacture 200,000-250,000 vehicles annually, the report read.
A spokesperson for Renault emphasized the importance of cooperation in competing effectively in the small-entry electric vehicle segment while confirming different ongoing discussions, according to the report.
European automakers, including Volkswagen and Renault, are increasingly focused on introducing more affordable electric vehicles. The shift comes as they face stiff competition and lower-priced Chinese models.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/12/36108189/looking-to-buy-a-tesla-model-3-rwd-available-for-as-low-as-28k-on-ordering-before-dec-31" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Looking to buy a Tesla? Model 3 RWD Available For As Low As ~$28K On Ordering Before Dec. 31</a>
Citing JATO Dynamics, a research firm specializing in autos, Reuters reported the average retail price of an electric vehicle in Europe exceeded &euro;65,000 in the first half of 2023, compared to about &euro;31,000 in China.
Renault recently launched a new electric version of its Twingo model, named Legend, priced under &euro;20,000. Meanwhile, Volkswagen announced in March the development of an all-electric vehicle for around &euro;25,000, set to launch by 2025, as per the report.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/11/35704826/volkswagen-targets-sub-35k-electric-vehicle-for-us-market-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Volkswagen Targets Sub-$35K Electric Vehicle For US Market: Report</a>
Price Action: VWAGY shares are trading higher by 0.19% at $13.35 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Via Company

Volkswagen Explores Affordable EV Market, Reportedly Discusses Potential €20,000 Electric Car With Renault

Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>),&nbsp;Volvo&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vlvly#OTC">VLVLY</a>), and the French shipping and logistics company&nbsp;CMA CGM&nbsp;are&nbsp;<a class="editor-rtfLink" href="https://www.volvogroup.com/en/news-and-media/news/2023/oct/volvo-group--renault-group-and-cma-cgm-group-join-forces-to-address-the-growing-needs-of-decarbonized-and-efficient-logistics-with-an-all-new-generation-of-electric-vans.html" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">partnering&nbsp;</a>to produce an all-new generation of fully electric vans and associated services.
Renault and Volvo have signed binding agreements to launch a new company where they will initially hold respective 50-50 equity stakes.&nbsp;
The companies are planning to invest &euro; 300 million each over the course of the next three years.&nbsp;
CMA CGM Group has inked a non-binding letter of intent with Renault and Volvo to join the new company, investing EUR 120 million through PULSE.
PULSE is CMA&#39;s energy fund dedicated to accelerating the decarbonization of transport and logistics sectors.
An all-new family of fully electric and software defined vehicles will be introduced by the new company.&nbsp;
The creation of the new company is expected early 2024, and will be operated under its own corporate identity based in France.
The vehicles will be built on a new fully electric light commercial vehicle (LCV) skateboard platform that offers high modularity for different body types at low cost.
The production is planned to start in 2026.
&quot;We see a growing demand for clean, efficient, and safe urban transportation. Partnership and collaboration are key to achieve this,&quot; said Martin Lundstedt, President and CEO of Volvo Group.
Price Action: VLVLY shares closed at $20.27 on Thursday.

VLVLY

Renault, Volvo And Shipping Company CMA CGM Join Hands For New Line Of Electric Vans

&nbsp;Renault Group and Volvo Group join forces to address the growing needs of&nbsp;decarbonized and efficient logistics by creating a new company managing the development of an all-new generation of electrified vans. The two groups look forward to CMA CGM joining the new company. Renault and Volvo will continue to seek additional investment and business partners.

VLVCY

Volvo Group, Renault Group And CMA CGM Group Join Forces To Create New Generation Of Electric Van For Growing Needs Of Decarbonized And Efficient Logistics

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/government/23/09/34236532/why-facebook-news-is-shutting-down-in-europe-what-it-means-for-users" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Why Facebook News is Shutting Down in Europe: What It Means for Users?</a>
<ul>
<li>Meta Platforms Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) announced a significant development regarding&nbsp;Facebook News&nbsp;in the U.K., France, and Germany. The dedicated news tab on Facebook, known as Facebook News, will cease to exist in early December.</li>
<li>The move is part of Meta&#39;s ongoing effort to prioritize features that users express interest in, like short-form videos, to maintain its competitive edge versus TikTok.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34234383/hollywood-strike-impact-warner-bros-discovery-revises-annual-outlook" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hollywood Strike Impact - Warner Bros. Discovery Revises Annual Outlook</a>
<ul>
<li>Warner Bros. Discovery Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wbd#NASDAQ">WBD</a>) stock is trading lower Tuesday as the company disclosed that CEO David Zaslav expects to discuss, among other topics, the impacts of the ongoing WGA and SAG-AFTRA strike at an investor conference on September 6, 2023.&nbsp;</li>
<li>The company&#39;s August 3, 2023, earnings call guidance reflected a resolution of the strikes by early September.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34226514/driving-into-the-future-mercedes-and-bmw-partner-with-qualcomm-for-ultra-connected-cars" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Driving Into The Future: Mercedes And BMW Partner With Qualcomm For Ultra-Connected Cars</a>
<ul>
<li>Semiconductor giant&nbsp;Qualcomm Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/qcom#NASDAQ">QCOM</a>) said it will provide enhanced multi-media and in-car infotainment systems to luxury automakers, including&nbsp;BMW (Bayerische Motoren Werke ADR)&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bmwyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BMWYY</a>) and&nbsp;Mercedes Benz Group AG&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mbgyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MBGYY</a>).</li>
<li>As a part of the companies&#39; continued technology collaboration, Snapdragon Digital Chassis Solutions are designed to help bring the latest in-vehicle technology and features to the new 2024 Mercedes-Benz E-Class Sedan.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34223195/whats-going-on-with-alibaba-stock-tuesday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba Cloud Seeks Up to $3B Funding From State Firms</a>
<ul>
<li>Alibaba Group Holding Limited&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) stock is trading lower Tuesday in line with the broader indexes&nbsp;IShares China Large-Cap ETF&nbsp;(FXI) and&nbsp;KraneShares Trust KraneShares CSI China Internet ETF&nbsp;(KWEB) amid reports of China&#39;s services activity growing at the slowest pace in eight months in August.</li>
<li>The company&#39;s cloud division explored private fundraising from Chinese state-owned enterprises before its public listing in Hong Kong.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34229324/samsung-becomes-tesla-cars-eyes-as-it-will-now-supply-camera-modules-to-elon-musks-ev-company" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Samsung Becomes Tesla Cars&#39; Eyes As It Will Now Supply Camera Modules To Elon Musk&#39;s EV Company</a>
<ul>
<li>Samsung Electronics Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ssnlf#OTC">SSNLF</a>) has a major new win in its bag &ndash; after winning a contract to supply chips to&nbsp;Elon Musk&#39;s Tesla Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>), the Korean conglomerate will now supply camera modules as well.</li>
<li>Samsung has won a contract to supply camera modules to a US electric vehicle company, likely Tesla.</li>
<li>The Tesla Model S, X, Y, and 3 are expected to be equipped with Samsung&#39;s camera modules.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34232996/whats-going-on-with-manchester-united-stock" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Manchester United No Longer Up For Sale</a>
<ul>
<li>Manchester United Ltd&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/manu#NYSE">MANU</a>) shares are trading lower Tuesday following reports that the company will no longer seek to sell the club.</li>
<li>A source with ties to the family reportedly said negative fan reactions won&#39;t influence the owners. Manchester United fans have pushed for a sale for quite some time. The company&#39;s board commenced exploring strategic alternatives for the club last November and the company&#39;s owners have been reviewing offers from multiple potential buyers since.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34226368/high-flying-partnership-air-france-airbus-in-talks-to-form-jv-for-a350-component-maintenance" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">High-Flying Partnership: Air France &amp; Airbus In Talks To Form JV For A350 Component Maintenance</a>
<ul>
<li>Airbus SE&nbsp;(OTC:&nbsp;EADSY) and&nbsp;Air France-KLM&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/aflyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AFLYY</a>) (OTC: AFRAD) Air France Industries KLM Engineering &amp; Maintenance have entered exclusive negotiations to establish a joint venture to provide Airbus A350 component maintenance services worldwide.&nbsp;</li>
<li>Under the JV pact, Air France and Airbus will transfer aircraft components assets belonging to both partners into the joint venture&#39;s pool.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/09/34226494/novo-nordisks-weight-loss-drug-wegovy-in-short-supply-yet-goes-ahead-with-uk-launch" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Novo Nordisk&#39;s Weight Loss Drug Wegovy In Short Supply, Yet Goes Ahead With UK Launch</a>
<ul>
<li>On Monday,&nbsp;Novo Nordisk A/S&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvo#NYSE">NVO</a>) introduced its popular weight loss drug Wegovy (semaglutide injection) in the U.K., making it accessible through the National Health Service (NHS) weight management scheme for free prescriptions and in the private market.&nbsp;</li>
<li>However, the company has acknowledged that supply constraints will persist in the foreseeable future.</li>
<li>Some doctors express discomfort about Wegovy&#39;s private availability when substantial demand exists within the NHS.</li>
</ul>
&nbsp;
Financial Times
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34225602/renaults-electrifying-leap-ampere-ipo-could-hit-10-8b-valuation-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Renault&#39;s Electrifying Leap - Ampere IPO Could Hit $10.8B Valuation</a>
<ul>
<li>Renault SA&#39;s (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnlsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNLSY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnsdf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNSDF</a>) CEO Luca de Meo reportedly said its new electric vehicle division Ampere could bring an initial public offering worth up to &euro;10 billion ($10.75 billion) when it floats in the first half of 2024.</li>
<li>The exact pricing of Ampere&#39;s initial public offering has yet to be confirmed.</li>
</ul>
&nbsp;
CNBC
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34225660/whatsapps-transformation-from-messaging-giant-to-monetization-challenge" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">WhatsApp&#39;s Transformation - From Messaging Giant to Monetization Challenge</a>
<ul>
<li>It&#39;s been nearly a decade since Mark Zuckerberg, the founder of&nbsp;Facebook, now rebranded&nbsp;Meta Platforms Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/meta#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">META</a>), revealed the $19 billion deal to acquire the popular messaging app&nbsp;WhatsApp, known for its small-scale business operations.</li>
<li>Unlike Instagram, WhatsApp does not feature advertisements, an essential aspect of Zuckerberg&#39;s primary business model.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/09/34228654/legal-twist-in-drug-price-negotiation-federal-judge-quits-case-amid-allegations-of-stock-ownershi" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Legal Twist In Drug Price Negotiation: Federal Judge Quits Case Amid Allegations Of Stock Ownership</a>
<ul>
<li>On Friday, Judge Thomas Rose, serving in the U.S. District Court for the Southern District of Ohio, opted to step down from the case on the same day the Revolving Door Project, a nonprofit organization, revealed his ownership of stocks in&nbsp;Johnson &amp; Johnson&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/jnj#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JNJ</a>) and&nbsp;AstraZeneca Plc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/azn#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AZN</a>).</li>
<li>Judge Rose, appointed during President George W. Bush&#39;s tenure, holds stocks valued between $15,000 and $50,000 in J&amp;J and shares in AstraZeneca worth up to $15,000.</li>
</ul>
&nbsp;
Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34225655/chevron-faces-strike-at-its-australian-lng-facilities-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Chevron Faces Strike At Its Australian LNG Facilities</a>
<ul>
<li>Chevron Corp&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/cvx#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CVX</a>) Gorgon and Wheatstone liquefied natural gas (LNG) projects (account for over 5% of global LNG capacity) in Australia are likely to face turmoil as workers plan a strike for two weeks from September 14.</li>
<li>The report quoted the union alliance saying, &quot;The Offshore Alliance is escalating protected industrial action to demonstrate that our bargaining negotiations are far from &#39;intractable.&#39;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34210446/barclays-eyes-stake-sale-in-uk-payments-arm-valued-at-2-5b-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Barclays Eyes Stake Sale in UK Payments Arm Valued At $2.5B</a>
<ul>
<li>Barclays PLC&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bcs#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BCS</a>) is reportedly mulling the sale of a stake in the U.K. merchants&#39; payment processing unit as the bank is seeking a partner to boost the business.</li>
<li>The business could be worth at least &pound;2 billion ($2.5 billion), based on an EBITDA of about &pound;300 million and similar deals.</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/09/34235802/johnson-johnsons-growth-strategy-post-tylenol-parent-kenvue-split-paving-the-way-for-medical-inno" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Johnson &amp; Johnson&#39;s Growth Strategy Post Tylenol Parent Kenvue Split: Paving the Way for Medical Innovation</a>
<ul>
<li>Johnson &amp; Johnson&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>) is gearing up to use the proceeds from the recent separation of its consumer-health segment&nbsp;Kenvue Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kvue#NYSE">KVUE</a>) to bolster its growth in pharmaceuticals and medical technology.</li>
<li>This growth strategy could encompass new acquisitions, enhancement of product offerings, and a deeper dive into robotics.</li>
</ul>

Penny Stocks

AFLYY

BABA

KVUE

MANU

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

QCOM

SSNLF

Facebook News To Shut Down In Europe, Warner Bros. Discovery Revises Outlook As Strike Bites, Manchester United No Longer Up For Sale: Today's Top Stories

Renault SA&#39;s (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) CEO Luca de Meo reportedly said its new&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33281305/nissan-renault-to-announce-new-alliance-soon-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">electric vehicle division Ampere</a>&nbsp;could bring an initial public offering worth up to &euro;10 billion ($10.75 billion) when it floats in the first half of 2024.
The exact pricing of Ampere&#39;s initial public offering has yet to be confirmed, the Financial Times&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/b1df64a5-9f67-488d-a5a9-561382e03e2e" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">reported</a>, citing a statement from de Meo at the Munich auto show.
However, de Meo told FT that the business could be worth &quot;eight, nine, 10 billion [euros]&quot; when it lists.
On July 26, both&nbsp;Nissan Motor Co.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) and Renault&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34063562/renault-eyes-spring-2024-ipo-for-ev-unit-ampere-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">announced their restructured alliance</a>, and a final deal contemplated by the binding framework agreement was executed and announced on February 6, 2023. As part of the cooperation, Nissan has committed to invest in Ampere up to Є600 million, consistent with being a strategic investor in Ampere and securing a board seat.
The report added that Europe&#39;s car industry is bearing the brunt of some over-cautious investors.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33265338/renault-eyes-very-small-and-reduced-deal-with-nissan-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Renault Eyes &#39;Very Small And Reduced&#39; Deal With Nissan: Report</a>
&quot;If European investors care about the future of Europe they better put money into this, instead of putting question marks all over the thing,&quot; said de Meo to FT.
The Ampere spin-off will provide a &quot;substantive and holistic response to potential competition from the Chinese and the Americans,&quot; the report mentioned.
Price Action:&nbsp;RNLSY shares closed lower by 6.7% to $7.52 on Friday.

NSANY

Renault's Electrifying Leap - Ampere IPO Could Hit $10.8B Valuation: Report

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34064506/walmart-settles-lawsuit-regarding-allegations-of-light-bulb-patent-infringement-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Walmart Settles Lawsuit Regarding Allegations Of Light-Bulb Patent Infringement</a>
<ul>
<li>Walmart Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmt#NYSE">WMT</a>) has reportedly resolved the University of California&#39;s light-bulb patent lawsuit.</li>
<li>The university accused the retail behemoth of infringing its patents associated with &quot;filament&quot; LED light bulbs (invented at the Santa Barbara-based school system).</li>
<li>The federal judge in Los Angeles would dismiss the case with prejudice, which means it cannot be refiled.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34063562/renault-eyes-spring-2024-ipo-for-ev-unit-ampere-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Renault Eyes Spring 2024 IPO For EV Unit Ampere</a>
<ul>
<li>Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) is reportedly expecting to list its electric vehicle business unit,&nbsp;Ampere, on the stock market in the spring of 2024.</li>
<li>Renault Chief Executive Officer Luca de Meo said the automaker was targeting November 1 of this year for Ampere to be separated from the rest of the company.</li>
<li>&quot;So we separate, and then we see if we have the right conditions to enter the market,&quot; said Luca de Meo.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/08/34060342/ubs-owned-credit-suisse-piles-up-loss-of-over-4b-in-q2-report" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">UBS-Owned Credit Suisse Piles Up Loss of Over $4B In Q2</a>
<ul>
<li>Swiss investment bank&nbsp;Credit Suisse, currently a subsidiary of&nbsp;UBS Inc&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ubs#NYSE">UBS</a>), reportedly posted a loss of $4 billion for the second quarter, in line with the forecast issued in April.</li>
<li>Credit Suisse&#39;s second-quarter loss amounted to 3.5 billion Swiss francs.</li>
<li>Credit Suisse had previously forecast a significant pre-tax loss for the second quarter and for all of 2023, given its move to exit from non-core businesses and restructuring and financing costs.</li>
</ul>
&nbsp;
Wall Street Journal
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/08/34064098/purdue-pharmas-trust-strategy-supreme-court-reviews-restructuring-amidst-opioid-crisis" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Purdue Pharma&#39;s Trust Strategy: Supreme Court Reviews Restructuring Amidst Opioid Crisis</a>
<ul>
<li>The Supreme Court is set to examine&nbsp;Purdue Pharma&#39;s&nbsp;proposed restructuring, the opioid company that sought bankruptcy in 2019. This move may change a four-decade method for managing vast legal liabilities from large-scale lawsuits.</li>
<li>The tactic dates back to&nbsp;Johns Manville, a prominent asbestos firm that declared bankruptcy in 1982 due to myriad lawsuits. Despite bankruptcy laws permitting restructuring of present claims, many claimants wouldn&#39;t fall ill until years post-bankruptcy.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/08/34056018/ftc-takes-a-rare-step-back-pauses-legal-battle-with-amgen-over-28b-horizon-deal" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">FTC Takes A Rare Step Back, Pauses Legal Battle With Amgen Over $28B Horizon Deal</a>
<ul>
<li>The&nbsp;Federal Trade Commission&nbsp;decided to momentarily halt its challenge against pharmaceutical giant&nbsp;Amgen, Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amgn#NASDAQ">AMGN</a>), concerning its proposed acquisition of&nbsp;Horizon Therapeutics PLC&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hznp#NASDAQ">HZNP</a>) valued at $27.8 billion.</li>
<li>The move presents a window of opportunity to contemplate a potential settlement, which might allow the deal to move forward under specific conditions.</li>
<li>In a document submitted to the court last week, the FTC revealed its intention to suspend the challenge it had initiated internally.</li>
</ul>
&nbsp;
Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/08/34068232/a-step-closer-to-cheaper-drugs-for-americans-price-negotiation-and-its-implications" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">A Step Closer To Cheaper Drugs For Americans: Price Negotiation And Its Implications</a>
<ul>
<li>The U.S. government is set to announce a list of 10 drugs this Friday, September 1, as part of President&nbsp;Joe Biden&#39;s&nbsp;Inflation Reduction Act, for which it will actively negotiate prices.&nbsp;</li>
<li>Expected on this list are&nbsp;Johnson &amp; Johnson&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>) blood thinner Xarelto and&nbsp;Eli Lilly And Co&#39;s&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lly#NYSE">LLY</a>) diabetes drug Jardiance.</li>
<li>This unprecedented negotiating ability shifts from the status quo, where pharmaceutical companies have primarily dictated prices.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/08/34060447/chinas-strategic-financial-overhaul-targets-stock-market-revival" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">China&#39;s Strategic Financial Overhaul Targets Stock Market Revival</a>
<ul>
<li>In a strategic move to reinvigorate its stock market, China has unveiled a series of financial measures, including a significant cut in the stamp duty on stock trades and a slowdown in introducing initial public offerings (IPOs).</li>
<li>Beginning August 28, the stamp duty on stock trades will experience a reduction, moving from 0.1% to 0.05%. This marks the first such adjustment since 2008. The Ministry of Finance highlighted this initiative as a step to &quot;energize capital markets and enhance investor trust.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/08/34064858/to-boost-ai-efforts-softbank-plans-silicon-valley-tour-for-indian-entrepreneurs" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">To Boost AI Efforts, SoftBank Plans Silicon Valley Tour For Indian Entrepreneurs</a>
<ul>
<li>Japanese multinational investment holding company&nbsp;SoftBank Group Corp&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/sftby#OTC">SFTBY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/sftbf#OTC">SFTBF</a>) is taking a select group of founders from its Indian startups to Silicon Valley for a specialized AI tour in September.</li>
<li>This initiative underscores SoftBank&#39;s ongoing commitment to AI integration across its portfolio entities.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/08/34063503/databricks-in-talks-with-t-rowe-price-for-43b-valuation-eyes-expansion" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Databricks in Talks with T. Rowe Price for $43B Valuation, Eyes Expansion</a>
<ul>
<li>Software maker&nbsp;Databricks Inc.&nbsp;is discussing a new funding round with&nbsp;T. Rowe Price Group Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/trow#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TROW</a>) to value the company at $43 billion.</li>
<li>The company bagged a valuation of $38 billion two years ago in funding led by Counterpoint Global.</li>
<li>Databricks provides tools for data, analytics, and artificial intelligence.</li>
</ul>
&nbsp;
Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/08/34062703/tesla-china-rival-xpeng-taps-ride-hailing-firm-didi-to-boost-smart-ev-adoption" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Tesla China Rival XPeng Taps Ride-Hailing Firm DiDi to Boost Smart EV Adoption</a>
<ul>
<li>Chinese smart electric vehicle firm&nbsp;XPeng Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/xpev#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">XPEV</a>) tapped domestic ride-hailing firm&nbsp;DiDi Global Inc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/didiy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">DIDIY</a>)</li>
<li>&nbsp;to drive the adoption of Smart EVs and technologies.</li>
<li>XPeng plans to launch an all-new EV brand in 2024, which it is developing under the project name &quot;MONA.&quot;&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/08/34064510/why-hawaiian-electric-stock-is-soaring-today" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hawaiian Electric&#39;s Shares Gain After An Update On Cause Of Lahaina Fires</a>
<ul>
<li>Hawaiian Electric Industries Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/he#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HE</a>) shares are gaining after the company released an in-depth response to the lawsuit recently filed by the County of Maui surrounding the tragic fires on August 8.</li>
<li>Hawaiian Electric&#39;s records confirm that no electricity flowed in its power lines near Lahaina Intermediate School when the fire ignited.</li>
<li>Videos taken by local residents depict power lines falling in strong winds earlier that morning, leading to the smaller fire.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/23/08/34066510/whats-going-on-with-jabil-stock-monday" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Chinese Carmaker BYD Buys US Firm Jabil&#39;s Mobility Business For $2.2B</a>
<ul>
<li>Jabil Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/jbl#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">JBL</a>) reached a preliminary deal with Chinese EV maker&nbsp;BYD Co Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/byddf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BYDDF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/byddy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BYDDY</a>)&nbsp;BYD Electronic (International) Company Limited&nbsp;for the sale of its Mobility business in a potential transaction worth $2.2 billion.</li>
<li>Jabil Circuit, which manufactures printed circuit boards, established a unit this month that absorbed its product-manufacturing businesses in Chengdu and Wuxi, which will now become a part of the Chinese group.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/08/34066540/hit-by-opioid-lawsuits-mallinckrodt-files-for-second-bankruptcy-in-just-three-years" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hit By Opioid Lawsuits Mallinckrodt Files For Second Bankruptcy In Just Three Years</a>
<ul>
<li>Mallinckrodt Plc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/mnk#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">MNK</a>) has taken the next steps to implement the comprehensive financial restructuring plan.</li>
<li>The company and some of its subsidiaries have filed for a second bankruptcy in three years in the U.S., with the newest restructuring plan set to reduce its debt by about $1.9 billion.</li>
<li>The company expects to complete the court-supervised process in the fourth quarter of 2023.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/23/08/34066835/german-pharma-firm-bayers-new-parkinsons-treatment-shows-promise-what-the-phase-1-trial-reveals" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">German Pharma Firm Bayer&#39;s Investigational Cell Therapy Hits Main Goal In Early Parkinson&#39;s Study</a>
<ul>
<li>Bayer AG&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bayry#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BAYRY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bayzf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BAYZF</a>) and its subsidiary&nbsp;BlueRock Therapeutics&nbsp;announced detailed data from the Phase 1 trial for bemdaneprocel (BRT-DA01). Topline results were released in June.</li>
<li>The study met the primary objective of demonstrating safety and tolerability in all 12 participants in the study&#39;s low and high-dose cohorts, with no serious adverse events (SAEs) reported related to bemdaneprocel through one year.&nbsp;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34068197/riding-the-tiktok-wave-gd-culture-unveils-live-streaming-e-commerce-business-and-stock-soars" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Riding The TikTok Wave: GD Culture Unveils Live-Streaming E-Commerce Business And Stock Soars</a>
<ul>
<li>GD Culture Group Ltd&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/gdc#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">GDC</a>) shares are skyrocketing after it announced the launch of live-streaming e-commerce business on TikTok, a popular social media platform.</li>
<li>GD Culture is a holding company currently conducting business through&nbsp;Shanghai Highlight Media Co Ltd. and&nbsp;AI Catalysis Corp&nbsp;(AI Catalysis). Highlight Media, founded in 2016, is an integrated marketing service agency focusing on serving businesses in China.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/08/34065183/brightview-hits-refresh-new-ceo-and-half-a-billion-dollar-investment-to-slash-debt-and-fuel-acqu" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BrightView Hits Refresh: New CEO And Half A Billion Dollar Investment To Slash Debt And Fuel Acquisitions</a>
<ul>
<li>BrightView Holdings Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/bv#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BV</a>) disclosed the new Chief Executive Officer (CEO) appointment and attained a $500 million strategic investment.</li>
<li>The company appointed Dale A. Asplund as the President and Chief Executive Officer, effective October 1, 2023. The company also appointed Asplund to the Board of directors.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/08/34064267/beaten-down-chinese-e-commerce-firm-baozun-clocks-mixed-q2-earnings" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Beaten Down Chinese E-Commerce Firm Baozun Clocks Mixed Q2 Earnings</a>
<ul>
<li>Chinese e-commerce solutions&nbsp;provider&nbsp;Baozun Inc&nbsp;(NASDAQ:&nbsp;BZUN) reported a second-quarter FY23 revenue growth of 9.3% year-on-year to RMB2.32 billion ($319.97 million), missing the consensus of $345.95 million.</li>
<li>Non-GAAP EPS loss per ADS was $(0.01) vs. the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/earnings" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">consensus loss of $(0.03)</a>.</li>
<li>Baozun&#39;s stock has lost 36% year-to-date.</li>
</ul>

Small Cap

AMGN

BAYRY

BAYZF

BYDDF

DIDI GLOBAL INC S/ADR by DiDi Global Inc.

DIDIY

HZNP

SFTBF

SFTBY

TROW

Hawaiian Electric Says Power Lines Not Responsible For Deadly Lahaina Fire, China Targets Stock Market Revival, FTC Pauses Legal Battle With Amgen's $28B Horizon Deal: Today's Top Stories

Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) is reportedly expecting to list its electric vehicle business unit,&nbsp;Ampere, on the stock market in the spring of 2024.
Renault Chief Executive Officer Luca de Meo said the automaker was targeting November 1 of this year for Ampere to be separated from the rest of the company, according to a report from&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/markets/deals/renault-looking-spring-2024-ipo-ampere-ceo-says-2023-08-28/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters</a>.
&quot;So we separate and then we see if we have the right conditions to enter the market,&quot; said Luca de Meo.
On July 26, both&nbsp;Nissan Motor Co Ltd&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) and Renault announced their restructured alliance, and a final deal contemplated by the binding framework agreement executed and announced on February 6, 2023.&nbsp;
As part of the cooperation, Nissan has committed to invest in Ampere up to Є600 million, consistent with being a strategic investor in Ampere and securing a board seat.
Price Action: RNLSY shares closed higher by 0.80% at $7.85 on Friday.

Renault Eyes Spring 2024 IPO For EV Unit Ampere: Report

<ul>
<li>Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) has&nbsp;<a class="editor-rtfLink" href="https://media.renaultgroup.com/renault-group-and-verkor-a-long-term-commercial-partnership-for-high-performance-low-carbon-batteries/?lang=eng" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">signed&nbsp;</a>a long-term commercial partnership with low-carbon battery maker,&nbsp;Verkor, for the battery supply for electric vehicles.</li>
<li>Verkor will supply Renault with the equivalent of 12 GWh of batteries each year.</li>
<li>The batteries will be used in the upper segments of Renault brands, starting with the future Alpine 100% electric C-Crossover GT, manufactured in Dieppe, France, from 2025.</li>
<li>The batteries will be produced in France at the future Verkor Gigafactory in Dunkirk.</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/03/31480050/renault-in-discussions-with-nissan-on-ev-charging-in-europe-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Renault In Discussions With Nissan On EV Charging In Europe</a></li>
<li>&quot;This commercial partnership allows us to secure a long-term supply of electric batteries and to ensure a reinforced traceability of the elements which compose them,&quot; said Fran&ccedil;ois Provost, Renault Group Chief Purchasing, Partnerships, and Public Affairs Officer.</li>
<li>&quot;It is in line with the ambition of the Group and its future entity Ampere dedicated to electric vehicles and software, to control the entire electric value chain.&quot;</li>
<li>Renault acquired a stake in Verkor in June 2021.</li>
<li>Price Action: RNLSY shares closed higher by 0.90% at $8.10 on Wednesday.</li>
<li>Photo Via Company</li>
</ul>

Renault Inks Low-Carbon Battery Deal With Verkor For Use In Upper Segment Vehicles

<ul>
<li><a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29567848/nissan-renault-talk-about-restructuring-their-ev-partnership" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">After several months of</a>&nbsp;constructive discussions with French automaker&nbsp;Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnsdf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNSDF</a>) and Japanese automobile maker&nbsp;Nissan Motor Co, Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsanf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsany#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANY</a>) reached a milestone to strengthen the ties of the&nbsp;<a class="editor-rtfLink" href="https://global.nissannews.com/en/releases/release-566b1e4f2eb43848021b8d60f613ff74-230130-03-e" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">alliance</a>.</li>
<li>Nissan and Renault Group would retain a 15% cross-shareholding.</li>
<li>They could freely exercise the voting rights attached to their 15% direct shareholding, with a 15% cap.</li>
<li>Nissan executives have had issues over the unequal ownership structure, with Renault owning 43% of Nissan and the Japanese automaker holding only a 15% non-voting stake in Renault.</li>
<li>Renault Group would transfer 28.4% of Nissan shares into a French trust, neutralizing the voting rights for most decisions but the economic rights (dividends and shares&rsquo; sale proceeds).</li>
<li>They looked to reload the partnership with high-value-creation operational projects consisting of critical projects in Latin America, India, and Europe, deployed along markets, vehicles, and technologies.</li>
<li>Nissan would aim to become a shareholder of Ampere, the EV &amp; Software pure player founded by Renault Group, by investing an undisclosed sum.</li>
<li>Price Action:&nbsp;NSANF shares closed lower by 0.29% at $3.48 on Friday.</li>
</ul>

NSANF

Renault And Nissan Reach Equal Cross Shareholding Under New Deal; Nissan To Become Strategic Holder In Renault's Ampere

<ul>
<li>As per reports,&nbsp;Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) would transfer a 28% stake it owns in Nissan Motor to a trust to match&nbsp;Nissan Motor Co Ltd&#39;s&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsanf#OTC">NSANF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) stake.</li>
<li>Ongoing talks between Renault and Nissan about their alliance could prompt the biggest reset in the tie-up since the 2018 arrest of Carlos Ghosn.</li>
<li>Renault would transfer a 28% stake it owns in Nissan to a trust and would be left with a 15% stake, equivalent to what Nissan owns, Reuters reported&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/renault-may-sell-28-stake-nissan-match-holdings-nikkei-2022-11-16/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">citing</a>&nbsp;the Nikkei newspaper.</li>
<li>Renault, which currently owns 43% of Nissan, would give up voting rights tied to the transferred shares, the newspaper added.</li>
<li>Interestingly, Renault is considering transforming its business next year with a keen focus on electrification. The French automaker plans a separate vertical for electric vehicles based in France by next year with potential employment of 10,000 personnel.&nbsp;</li>
<li>Earlier this month, Nissan Motor and Renault reported discussions on revamping their alliance focused on competitiveness as equal partners and getting value from&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29567848/nissan-renault-talk-about-restructuring-their-ev-partnership" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">their investment in electric cars</a>.</li>
<li>&nbsp;</li>
<li>&nbsp;</li>
</ul>
&nbsp;

Large Cap

Contracts

Renault Weighs Transferring Around Half Of Its Stake In Electric Vehicle Partnership: Report

Reuters
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29564469/musks-twitter-cost-cut-plot-could-impact-google-cloud-services-as-he-orders-to-cut-infra-costs-by-1b" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Musk&#39;s Twitter Cost Cut Plot Could Impact Google Cloud Services As He Orders To Cut Infra Costs By $1B</a>
<ul>
<li>Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) CEO Elon Musk has ordered Twitter Inc&#39;s teams to find up to $1 billion in annual infrastructure cost savings raising concerns that Twitter could go down during high-traffic events like the U.S. midterm elections.</li>
<li>Twitter must find between $1.5 million - $3 million a day in savings from servers and cloud services, Reuters reported citing Muck&#39;s Slack message, which referred to the project as the &quot;Deep Cuts Plan.&quot;</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/government/22/11/29568309/vonage-bows-down-before-ftc-directive-to-pay-a-100m-penalty" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Vonage Bows Down Before FTC Directive; To Pay A $100M Penalty</a>
<ul>
<li>Communications firm Vonage agreed to pay $100 million to resolve a Federal Trade Commission (FTC) lawsuit.</li>
<li>FTC prosecuted Vonage for failing to provide a simple method for customers to cancel their telephone services and imposed &quot;junk fees,&quot; the agency said.</li>
<li>Vonage also agreed to offer clear disclosures about recurring charges and a simple method to stop recurring payments or avoid increased costs.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29567848/nissan-renault-talk-about-restructuring-their-ev-partnership" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Nissan, Renault Talk About Restructuring Their EV Partnership</a>
<ul>
<li>Nissan Motor Co, Ltd&#39;s (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsanf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANF</a>) (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/nsany#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NSANY</a>) discussions with Renault SA (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnlsy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNLSY</a>) (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/rnsdf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">RNSDF</a>) on revamping their alliance focused on competitiveness as equal partners and getting value from their investment in electric cars.</li>
<li>Nissan CEO Makoto Uchida said the goal was to improve the automakers&#39; ability to compete during economic uncertainty and as the industry shifted to electric vehicles.</li>
<li>But, over the years, Nissan executives have had issues over the unequal ownership structure, with Renault owning 43% of Nissan and the Japanese automaker holding only a 15% non-voting stake in Renault.</li>
</ul>

Bloomberg
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/11/29565704/toshiba-buyouts-japan-industrial-partners-led-bidder-for-may-miss-deadline-to-secure-financing" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Toshiba Buyout&#39;s Japan Industrial Partners-Led Bidder For May Miss Deadline To Secure Financing</a>
<ul>
<li>A consortium led by Japan Industrial Partners Inc might miss the November 7 deadline to secure financing for Toshiba Corp (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tosbf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TOSBF</a>) (OTC: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/tosyy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">TOSYY</a>) at a valuation of about &yen;2.4 trillion ($16.1 billion).</li>
<li>Four banks, including Sumitomo Mitsui Banking Corp, were considering whether to issue loans to the consortium. They have decided not to proceed before the cutoff date set by Toshiba, the people said. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/large-cap/22/11/29566536/boeings-jeppesen-unit-sees-potential-ransomware-attack-causes-flight-planning-disruptions" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Boeing&#39;s Jeppesen Unit Sees Potential Ransomware Attack, Causes Flight Planning Disruptions</a>
<ul>
<li>Boeing Co&#39;s (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/ba#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BA</a>) unit Jeppesen was impacted by a cyber incident affecting access to its flight planning software.</li>
<li>Jeppesen, a U.S.-based firm, provides analytical services to air carriers.</li>
<li>&quot;Our subsidiary, Jeppesen, experienced a cyber incident affecting certain flight planning products and services,&quot; Boeing spokesman Yukui Wang said in an email. </li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29564202/lyft-to-let-go-of-13-of-workforce-divest-vehicle-business-to-beat-slowdown" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Lyft To Let Go Of 13% Of Workforce, Divest Vehicle Business To Beat Slowdown</a>
<ul>
<li>Lyft Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/lyft#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">LYFT</a>)said it would cut 13% of staff, equivalent to 683 employees.</li>
<li>The ride-hailing company chose to downsize as it struggled to cope with a complex economic backdrop.</li>
<li>Lyft will also divest its first-party vehicle service business and expects the buyer will offer workers in that division positions.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/analyst-ratings/analyst-color/22/11/29564015/apple-lures-china-iphone-customers-with-deep-discounts-but-sales-stutter-amid-domes" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Apple Lures China iPhone Customers With Deep Discounts But Sales Stutter Amid Domestic Weakness</a>
<ul>
<li>Apple Inc&#39;s (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/aapl#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AAPL</a>) iPhone 14 sales in China are taking a hit as consumers tighten their purse strings amid economic uncertainties.</li>
<li>iPhone 14 sales in China, since its launch on Sept 7, have declined about 33% compared to the sales of iPhone 13 models in a comparable timeframe, Jefferies analyst Edison Lee said in a recent note. The high-end iPhone 14 models &mdash; Pro and Pro Max &mdash; have also seen a dip in sales, the analyst said.</li>
</ul>

Benzinga
<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/22/11/29563417/dogecoin-sinks-10-as-elon-musks-twitter-reportedly-suspends-work-on-crypto-wallet" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Dogecoin Sinks 10% As Elon Musk&#39;s Twitter Reportedly Suspends Work On Crypto Wallet</a>
<ul>
<li>Twitter is reportedly halting its plan to launch a cryptocurrency wallet, days after Elon Musk announced a plethora of changes since taking over the microblogging platform. The news appears to have significantly dented Dogecoin (DOGE/USD).</li>
<li>According to Platformer, a recently revealed plan to build a cryptocurrency wallet for Twitter appears to be on pause. As a result, DOGE tumbled 10.86% in the last 24 hours.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/11/29564315/alibaba-comes-back-strong-against-us-sanctions-to-power-20-operations-by-in-house-cpus-by-2025" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Alibaba Comes Back Strong Against US Sanctions; To Power 20% Operations By In-House CPUs By 2025</a>
<ul>
<li>Alibaba Group Holding Limited (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/baba#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">BABA</a>) plans to power 20% of its operations with its homebrew CPUs by 2025.</li>
<li>Alibaba showcased its Yitian 710 server-class CPU in 2021. In early 2022 the operation started trials of the devices and offered more info about their specs. </li>
<li>The features included 128 Armv9-compatible CPU cores, a clock speed of up to 3.2GHz, eight DDR5 channels, and 96 PCIe 5.0 lanes, all cooked up on a 5nm process.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/22/11/29564931/illuminas-q3-profits-hit-by-impairment-of-almost-4b-cuts-annual-guidance" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Illumina&#39;s Q3 Profits Hit By Impairment Of Almost $4B, Cuts Annual Guidance</a>
<ul>
<li>Illumina Inc (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/ilmn#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ILMN</a>) posted Q2 revenue of $1.12 billion, up 1% Y/Y and up 3% on a constant currency basis, almost in line with the consensus.</li>
<li>Non-GAAP diluted earnings per share of $0.34 compared to $1.45 a year ago, beating the consensus of $0.30.</li>
<li>During the quarter, GAAP diluted loss per share of $(24.26) includes a goodwill impairment of $3.91 billion related to the GRAIL segment.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/general/biotech/22/11/29564732/amgen-reports-q3-higher-profit-despite-slight-fall-in-topline-growth" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Amgen Reports Q3 Higher Profit, Despite Slight Fall In Topline Growth</a>
<ul>
<li>Amgen Inc&#39;s (NASDAQ: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/amgn#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">AMGN</a>) Q3 revenue reached $6.65 billion, down 1% Y/Y, due to 8% volume growth offset primarily by a 5% lower net selling price and a 2% negative impact from foreign exchange. Analysts estimated sales of $6.56 billion.</li>
<li>The company reported Q3 adjusted EPS of $4.70, up 15%, beating the consensus of $4.44.</li>
<li>For FY22, Amgen narrowed its adjusted EPS outlook to $17.25-$17.85 on revenue of $26-$26.3 billion.</li>
</ul>
<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/22/11/29567808/hersheys-beat-on-q3-earnings-expects-sweetened-holiday-season-boosts-annual-guidance" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Hershey&#39;s Beat On Q3 Earnings, Expects Sweetened Holiday Season, Boosts Annual Guidance</a>
<ul>
<li>Hershey Co (NYSE: <a class="editor-rtfLink" href="https://www.benzinga.com/stock/hsy#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HSY</a>) has reported Q3 sales of $2.73 billion, an increase of 15.6%, beating the consensus of $2.61 billion.</li>
<li>The company reported adjusted EPS of $2.17, beating the consensus of $2.10.</li>
<li>Hershey expects full-year 2022 net sales to grow between 14%-15%, compared to the previous forecast of 12% to 14% growth.</li>
</ul>

Biotech

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Musk Reportedly Suspends Twitter Work On Crypto Wallet, Boeing's Jeppesen Hit By Potential Ransomware Attack, Lyft Cuts Workforce: Top Stories Friday, Nov. 04

<ul>
<li>Nissan Motor Co, Ltd&#39;s&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsanf#OTC">NSANF</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/nsany#OTC">NSANY</a>) discussions with&nbsp;Renault SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnlsy#OTC">RNLSY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/rnsdf#OTC">RNSDF</a>) on revamping their alliance focused on competitiveness as equal partners and getting value from their investment in electric cars, the Japanese automaker&#39;s CEO&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/autos-transportation/exclusive-nissans-talks-with-renault-focused-optimising-ev-investment-ceo-uchida-2022-11-04/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">told&nbsp;</a>Reuters.</li>
<li>The negotiations with Renault, Nissan&#39;s top shareholder, have less than two weeks remaining to meet a November 15 target the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29198165/renault-and-nissan-confirm-discussion-about-future-of-alliance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">companies had set to reach a deal</a>.</li>
<li>Nissan CEO Makoto Uchida said he was talking with Renault CEO Luca de Meo every weekend, and the talks would be &quot;ongoing for the future.&quot;</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/22/10/29210650/japans-nissan-sells-russian-assets-to-state-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Nissan Sells Russian Assets To State</a></li>
<li>The sharing of technology had emerged as one sticking point.</li>
<li>Uchida said the goal was to improve the automakers&#39; ability to compete during economic uncertainty and as the industry shifted to electric vehicles.</li>
<li>But, over the years, Nissan executives have had issues over the unequal ownership structure, with Renault owning 43% of Nissan and the Japanese automaker holding only a 15% non-voting stake in Renault.</li>
<li>As per earlier reports, Nissan considered investing in Renault&#39;s new electric vehicle unit, code-named &quot;Ampere,&quot; which will be split from its internal combustion engine business, code-named &quot;Horse.&quot;</li>
<li>The report further noted Renault also talked to Geely Automobile Holdings about the Chinese automaker taking a stake in its internal combustion-engine unit.</li>
<li>Uchida also said Nissan made contingency plans for the prospect of a global recession.</li>
<li>Price Action:&nbsp;RNLSY shares closed at $5.88 on Thursday.</li>
<li>Photo Via Company</li>
</ul>