let's dig deeper into renault.miller spoke with the deputy ceo on their strategy to turn the company around. >> times have changed. and second, we preferred to work on the core needs, cutting costs and looking for better margin but not overpromising. we want to under promise and over deliver. i think that is better. any good news in the market will be on top of that. but the world has changed. many things have changed. you heard in the presentation that our assumption is that the market is critical services and we don't expect emerging markets to come back to 2019 levels. europe, which is our biggest market and where we make the most money, before 2025. once you have cut costs, and the additional volume has huge leverage. collective visibility we have, the third point is you know that we have issues with amortization and capitalization ratio because of all the investments made in the past. we are going to lose that. and at the end of the day, the increase in ev at the beginning will wait on the margin. it is only i

why renault is an easy answer.enault is the second largest light commercial vehicle company in europe, and they also were experts in battery electric vehicles which is a critical technology when you are marrying it with fuel. so when you are looking at those two together, it is a perfect marriage, and since we provide a full turnkey in the fuel cell from the hydrogen infrastructure to hydro cells. so there are to be 500,000 light commercial vehicles hydrogen vehicles on the road, and this could be bigger that on the south korean activity and plug has moved from being a fuel cell manufacturer, and hydrogen cell manufacturer, and hydrogen manager, and we are now in the space with the premier player that we could have picked to work with in europe. >> how big is the addressable commercial market in europe roughly, and do you the scale, andy, and the people and the facilities and the capital to scale up to meet that market >> well, i think they when you are starting to think about the capit capital, brian, we have the

we have some breaking news right now coming out from renault.he french carmaker to target more than 3% through operating margin by 2023. we will continue to bring you more headlines from renault. we will also have news on u.k. retailers. tesco coming out with sales up 5.6% in the third quarter. we will get more on the u.k. retail scene. today, the markets say turn on the taps. treasury yields rise on reports that joe biden plans $2 trillion of stimulus. european equity futures point to a positive open. let's get your top headlines for you from the bloomberg terminal. impeached again. donald trump becomes the only u.s. president to be impeached twice. he faces trial in the senate. the last days of rome. at least government risks collapse after a junior coalition partner pulls out. french finance minister bruno le maire opposes a bid for supermarket chain, casting doubt on the $20 billion deal. just under an hour away from the start of cash trading across europe. let's take a look at futures right now, pointing higher on the ftse. the dax up about

it is clear renault is trying to downplay expectations. >> plans have changed.would prefer to work on the cars and the needs of renault, having cards and better margin -- cars and better margins. we do not want to under promise and under deliver. any good news on the market will be under that -- on top of that. any new partnership which we are working with. ritika: renault has to deal with excess capacity, but also has to pacify its largest shareholder, the french government. global news 24 hours a day, on air and at quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ ♪ >> hi rise today to support impeachment. i do so with a heavy heart, and lasting and searing memory of being in this valerie, the people's house, right up there, fearing for my life. why? because the president incited others to be violent, a mob of insurgency in this house. it is unacceptable. >> this heinig act -- heinous act of domestic terrorism -- donald threat remains a threat to our national security, and wholly u

we have some breaking news right now coming out from renault.carmaker to target more than 3% through operating margin by 2023. we will continue to bring you more headlines from renault. we will also have news on

the famous author, marry renault who wrote wonderful historical novels said there's one kind of shock worse than the totally unexpected. the expected for which one has refused to prepare. there has never been a crisis or a catastrophe more warned about by more and more credible sources than the looming climate crisis. and it's going to clobber these businesses. now they just need to align their political efforts with their own stated policies. how hard is that? all of this can break the right way. the dark castle of denial can fall and congress can rise in bipartisan force to stop the harm and cure the damage. but that's not forward aimed. we can still screw this up. no doubt about it. so let's not. let's do our duty. the conditions are at last, at last in place for a real solution, a new dawn is breaking. and when it's dawn, there's no need for my little candle against the darkness. my little time to wake up pilot light can now go out. so instead of urging that it's time to wake up, i close this long run by saying now it's time to get to work. white house, time to wake up run, farewe

charlotte, last week you were looking at renault you interviewed carmaker and they were talking about change that's happening in the industry and the major changes that they're making. clearly this deal from fca/psa is these two companies attempt to prepare for the future. how is the investment community thinking about stellantis on this debut today >> that's right. that's interesting because you remember the fca first were in talks with renault for a potential tieup. now this marriage today being celebrated between psa and fca came after talks with honda collapses. it was 18 months to when they were in talks to today, stellantis starting to trade in french and italian markets as we say, it would be the fourth largest car manufacturer in the world 14 billion euro merger with 180 billion euro combined and 400,000 employees worldwide. two of the oldest car dynasties, we have peugeot family the french government will still have 6.2% stake and dong fang member will have 6.5%. the beginning of the talks started before the covid crisis. that's interesting that's one of the big mega mergers

like this famous scene from the james bond film view to a kill with roger moore driving a renault 11nne — a man who could make ordinary cars do extraordinary things. and it wasn'tjust cars. this is him, not timothy dalton, driving an oil tanker in another bond film, license to kill. translation: after the stuntman gil delamare died, it led me - to replace him to do stunts when i was not a stuntman, but that i learned to do by watching others do it. tyres sqeual. in all, the french motocross champion worked on six bond films — part of a glittering career which started with the 1964 film fantomas, where he doubled for french actorjean marais, riding a motorbike. but his international reputation was forged with the italianjob and that famous car chase scene with the minis around turin, driven by remyjulienne. he once said during filming "fear is necessary before and after, but never during". i was always worried. the guy who knows everything in advance — so that wasn't me. i have always doubted and still doubt. but if there's no doubt, if there's no fear, if there's not something to wor

success would come after fiat chrysler marched with renault -- merged with renault.ng to be another eventful year. here are some of the key stories bloomberg will be watching. not surprising, the first thing on the agenda is joe biden. first of all, his swearing in on the 20th, which follows all the promises he made during the campaign. they pretty much fall into two categories. one, where they can be carried out in the first days in the oval office, and those that will be extremely difficult number at or how long or how hard he tries. issues like climate change, immigration, taxes, guns, and don't forget foreign policy. biden sees the u.s. at the head of the table, leading the world to address the most urgent global challenges. and linked to that of course, relations with china. how will that go? will the ease on the tensions that we saw from trump? a lot of questions, and we w ill be watching. rishaad: yeah. what will the answers be? that is the other thing here. may well get answers when it comes to countries which are democratic of course. this year it was domina

after the merger with renault. to the asian stock market and go back to sophie in hong kong. of the tokyo open, some stocks to watch -- japanese restaurants stocks may be asked to reduce opening hours, closing no later than 8 p.m.. know more when the premise or gives a press briefing later. where will also watching auto shares -- carmakers are expected to reduce production from january because of supply issues. and one company may sell its overseas coal-fired power plant. and we coulddraw see that happen by 2030. matsui has coal-fired power plants in china, malaysia and morocco. you are looking at live pictures coming from tokyo. the stock exchange holding its traditional opening day ceremony to mark the first day of trading in 2021. we are hearing from the japanese finance minister. making comments about the economic recovery and the economy remains in a severe condition as the country battles the virus. we will be hearing from the prime minister later on today as he is expected to lay out further containment meas

like this famous scene from the james bond film view to kill with roger moore driving a renault taxiould make ordinary cars do extraordinary things. and it wasn'tjust cars, this is him, not timothy dalton, driving an oil tanker in another bond film, licensed to kill. ~ ,, �* �* to kill. translation: after the stuntman bellamah _ to kill. translation: after the stuntman bellamah died, - to kill. translation: after the stuntman bellamah died, it - to kill. translation: after the stuntman bellamah died, it led| stuntman bellamah died, it led me to replace him when i was not a stuntman but i learned to do by watching others do it. in all, the french motocross champion worked on six bond films, part of a glittering career which started with the i964 career which started with the 1964 film centre mass when he doubled for french actorjean marais, riding a motorbike. but his international reputation was forged with the italianjob and that famous car chase scene with the minis around turin. driven by remyjulienne. he once said during filming fear is necessary before and after but never during

in europe, we had the renault car, great your new growth.tions in the marketplace. it's a global industry for them. i think they're going to have to carry on really pushing and innovating. they have got that competitive advantage. the first account capitalise on the industry. first account capitalise on the indust . . ~ first account capitalise on the indust . ., ~ , ., first account capitalise on the indust . . ~' , ., , first account capitalise on the indust . ., ~ , . industry. thank you very much. any pictures — industry. thank you very much. any pictures any _ industry. thank you very much. any pictures any chance - industry. thank you very much. any pictures any chance to - industry. thank you very much. | any pictures any chance to show you pictures of elon musk dancing again. let's go to asia now, and if you thought trade tensions between the us and china might ease with a change in the white house, perhaps you might be premature. in a move that may raise tensions further with beijing, the biden administration has called for a "robus

he actually left renault and was reporting to carlos ghosn actually before he joined psa.done turning that company around a few years m andacquiring opel from g doing what gm was not able to do for decades which is actually make money with those brands. this is coming to your point, going to be a huge house of brands. it will be challenging have all those mouths to feed, but it is interesting to watch just how many of them survive after this or whether they do some consolidation. matt: craig trudell there. ♪ anna: welcome back to "the european market open." in terms of where the equity markets are, up by 1/10 of a percent right now, the ftse 100 getting gains. despiteains in europe futures that suggested we will have to catch up with the united states. u.s. futures down a few tenths of a percent, now they are up 0.3%. some volatility in these markets as we get started on 2021. england is entering its third locked down forcing people to stay at home. the measures will last until february 15. boris johnson is turning hopes for a recovery on a vaccine. he wants to deliver 2 m

fiat managing to patch up relations after attempts to join forces with renault. it takes the carmakers into the future. >> with the coming decade -- we believe the coming decade will be -- we and our merger partners at psa are intent on playing a leading role in building this this conditions that has brought us together. rishaad: the big news this half-hour. the new york stock exchange coming out and saying it no longer plans to do list china's three -- delist china's telecommunication companies. there is a bit of turnaround. an absolute tear. that delisting was designed to comply with the u.s. executive order. but they are not doing it. ♪ almost 11 a.m. in singapore and shanghai. welcome to bloomberg markets: asia. rishaad: this is a look at our top stories. a major twist in the chinese delisting drama. the nyse no longer plans to ban china's big telco companies. shares surging in hong kong. haslinda: other asian stocks flatlined. the virus surge will derail the economy. most nations oppose russia's calls for supply hike. it highlights growing divisions between

the famous author mary renault, who wrote wonderful historical novels, said there is one kind of shock worse than the totally unexpected. the expected, for which one has refused to prepare. there has never been a crisis or a hat as trough ee more warned about by more and more credible sources than the looming climate crisis, and it's going to clobber these businesses. now they just need to align their political effort with their own stated policies. how hard is that? all of this can break the right way. the dark pavilion of denial can fall. congress can rise in bipartisan force to stop the harm and cure the damage. but that's not foreordained. we can still screw this up, no doubt about it. so let's not. let's do our duty. the conditions are at last, at last in place for a real solution. a new dawn is breaking. when it's dawn, there's no need for my little candle against the darkness. my little time to wake up pilot light can now go out. so instead of urging that it's time to wake up, i close this long run by saying now it's time to get to work. the white house time to -- the whitehouse

and please don't forget plug pal and renault. >> and general motors, like general-e-motors and if generalar, oh, baby, and changing the stripes, in the same way that i believe farley is correctly changing ford by a commitment that i find shocking for ford. he wants to make money >> guys, we do have the statement out from intel confirming the news we first brought you at the top of the show >> with a tribute to you, david? >> well, no, now they're putting it out officially, but pat gelsinger will step in as we've been saying on february 15th and i think it was mentioned already, dan loe b's tweet, congratulating swan for doing the right thing so to speak but as i indicated earlier, this was viewed quite positively but unclear how it changes the complexion of that potential fight over some directors. the nominating deadline is at the end of the week. and certainly mr. loeb has a few candidate, one would imagine, unclear how that would move forward, given what is a very positive response to mr. gelsinger's appointment, as of february 15th, mr. swan stepping down, and news we first brought yo