{"id":7119,"date":"2021-02-24T16:57:00","date_gmt":"2021-02-24T13:57:00","guid":{"rendered":"https:\/\/roboforex.com\/blog\/?p=7119"},"modified":"2023-06-23T09:05:33","modified_gmt":"2023-06-23T06:05:33","slug":"car-makers-records-renault-loses-lucid-motors-merges","status":"publish","type":"post","link":"https:\/\/roboforex.com\/blog\/2021\/02\/24\/car-makers-records-renault-loses-lucid-motors-merges\/","title":{"rendered":"Car-makers\u2019 Records: Renault Loses, Lucid Motors Merges"},"content":{"rendered":"\n

I noticed it’s been long since I last spoke about the news of the auto industry. Today, I’m presenting you Renault’s report for 2020 and the plans of Lucid Motors to enter the exchange. Let’s get started!<\/p>\n\n\n\n

<\/span>Renault reports a loss of 8 billion EUR in 2020<\/span><\/h2>\n\n\n\n

On February 19th, the French auto corporation presented its financial report for 2020. Due to the COVID-19 pandemic, the yearly revenue of Renault SA amounted to 43.5 billion EUR<\/a>, which is almost 21.7% less than in 2019.<\/p>\n\n\n\n

The net loss reached 8.05 billion USD, which is, according to Refinitiv, is almost 9% more than forecast. Note that this is the largest loss in Renault’s history. For example, in 2019, the concern reported a net loss of 141 million EUR.<\/p>\n\n\n\n

The stock price of Renault SA (PA: RENA) was 39.8 EUR before the publication; when this article was being prepared, it amounted to 36.8 EUR. This means that after last year’s results were reported, the stock price dropped by 7,5%.<\/p>\n\n\n\n

<\/span>What are the perspectives for 2021?<\/span><\/h2>\n\n\n\n

The director-general of the auto corporation Luca de Meo thinks that, as long as the pandemic is still there, 2021 is going to be tough as well. He admitted that, due to a lack of certain electronic components, production might be decreased by 100,000 cars.<\/p>\n\n\n\n

Moreover, 14,600 employees will get fired, and some plants will be shut down. Thus the management will be trying to reduce spending in 2021 by 2 billion EUR. The shareholders have been warned that the plan of spending reduction is 60% complete.<\/p>\n\n\n\n

<\/span>Lucid Motors enters the exchange<\/span><\/h2>\n\n\n\n

According to Reuters, a premium-class electric car-maker Lucid Motors is planning a merger with a SPAC<\/a> Churchill Capital IV Corp to start trading in the exchange. After the merger, the united enterprise will be estimated as 24 billion USD.<\/p>\n\n\n\n

This merger is going to be the largest one in the electric car market. According to CNBC, the estimations of Fisker, Nikola, Lordstown Motors, and other car startups after mergers with SPACs were never over 4 billion USD. Lucid Motors will become six-time as pricey.<\/p>\n\n\n\n

According to Insider, since the first rumors about the possible merger appeared, the stocks<\/a> of Churchill Capital IV Corp (NYSE<\/a>: CCIV) grew by 425%. However, after more details were published, they dropped by 38.63% from 57.37 to 35.21 USD.<\/p>\n\n\n\n

<\/span>What does Lucid Motors do?<\/span><\/h2>\n\n\n\n