"When I see myself, I upsets me; When I compare myself, I console myself." Carlos Ghosn is not Talleyrand and is not of the kind to be sorry. But when the CEO of Renault look Philippe Varin, his alter ego at PSA Peugeot-Citroën, this what reassure him. It always tends to put our two national builders in the same bag. Is wrong. The difference became obvious on the occasion of the publication of results 2012. When PSA is adrift, Renault has demonstrated a resilience that will surprise more than one.
Compare the loss of 5 billion euros from the first to the 1.7 billion profit of the second has no sense. PSA has depreciated to about va, Renault has been the contribution of Nissan, Volvo and Avtovaz to profits. On the other hand, when you look under the hood of the car industry, this is the day and night. PSA spends more that it wins in alarming proportions. For Renault, the situation was reversed: the group identified six times cash that was waiting for the stock market.
Means already by critics: Carlos Ghosn made the share to the shareholder at the expense of the business. Except that the bad passes that cross the automakers demonstrated that one does not go without the other. Not of cash, no future, could be summed up.
For PSA, the current situation, it is triple trouble: the group is forced to sell the family jewels, close plants and be a part of its future in renouncing development projects. Renault, through better driven management, resists the headwinds, which however were the same ones that had to face his competitor: the European market slump and lack of competitiveness of French factories. A situation which has sealed PSA, but also Fiat, Ford and Opel. Renault, he succeeded in getting the big back in Europe, while continuing to invest in the markets: Brazil, India and China soon.
However, it is too early to declare victory. Electric vehicle remains a bet and a worthy of the name, a constantly reformulated promise high-end. Remains that the diamond company still has under the foot, while some competitors will emerge from the crisis completely bloodless.
So much for consolation. Obviously, better not look at Volkswagen because, as PSA Renault have what is sorry.
Photo credit: AFP
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