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Renault mulls management shakeup; VW increases UK stockpiling ahead of Brexit

TOP NEWS

* Renault SA is considering "a full renewal of management," Reuters reported, citing a source close to the French government, which owns about 15% of the carmaker. The news comes a day after Le Figaro reported that Renault could replace CEO Thierry Bollore. Separately, French Finance Minister Bruno Le Maire said the government has "full confidence" in Chairman Jean-Dominique Senard in choosing the best governance.

* Volkswagen AG has ramped up its stockpiling efforts in the U.K. in preparation for a possible no-deal Brexit on Oct. 31, Reuters reported, citing board member Juergen Stackmann. The German carmaker is trying to add to its inventory "to delay the impact of potential import tariffs for a while," but said that ultimately "if there are tariffs, we will not be able to absorb them or compensate the cost."

CARMAKERS

* Nissan Motor Co. Ltd. moved Hari Nada, a senior vice president in the company's legal department who reportedly helped oust former Chairman Carlos Ghosn, to the role of senior adviser for special projects. The carmaker said that although an internal investigation found no evidence tying Nada to Ghosn's alleged financial misconduct, the change was made to "avoid undue suspicion." Hitoshi Kawaguchi, chief sustainability officer with oversight of government affairs and communications, was given additional responsibility for the corporate advisory office, legal department, intellectual property and chief security office. Nissan could also hold an extraordinary shareholders' meeting in early 2020 to formally appoint its new CEO, Makoto Uchida, and COO Ashwani Gupta to the board of directors, Bloomberg News reported, citing sources.

* Nissan will end night shifts at its manufacturing facility in the northern England city of Sunderland, union Unite said. Steve Turner, Unite assistant general secretary, said Nissan will consolidate production into the remaining day shifts to avoid layoffs. The Japanese carmaker, which will also unveil a restructured production schedule for the site in preparation for a no-deal Brexit, said it has not decided whether it would cancel Qashqai production at the site and is "still waiting for clarity" on Brexit, Bloomberg News reported.

ELECTRIC VEHICLES

* Tesla Inc. advised its electric-vehicle owners in Northern California to charge their cars as utility firm PG&E began shutting off power in the region ahead of an anticipated windstorm, Bloomberg News reported. Separately, CEO Elon Musk said Tesla will equip affected stations with powerpacks and solar converters to respond to the blackouts.

* Chinese electric-vehicle maker BYD Co. Ltd. said it delivered three ADL Enviro200EV battery buses to Glasgow Airport in the U.K.

AUTONOMOUS AND CONNECTED VEHICLES

* Self-driving software startup Aurora Innovation Inc. said it adapted its Aurora Driver program for trucks and commercial vans using FMCW lidar technology developed by Blackmore, which it agreed to acquire in May.

* Daimler AG said it will this winter test connected vehicle technology, including live traffic data services and hazard-detection software, in the hilly Zollernalb area to improve road safety during winter drives.

MOBILITY SERVICES

* Peugeot SA's Citroën brand launched financing and mobility partnerships in India, called Citroën Finance and Citroën Lease. The services will provide customized credit offerings to dealers and retail financing and mobility services to customers.

POLICY, REGULATIONS AND SAFETY

* Honda Motor Co. Ltd. will recall 336,468 CR-V vehicles sold in the U.S. over an incorrect description of the "Passenger Airbag Off" indicator in the user manual, according to documents from the National Highway Traffic Safety Administration.

AUTO PARTS AND EQUIPMENT

* French tire-maker Compagnie Générale des Établissements Michelin SCA will close a factory in La Roche-sur-Yon by 2020-end. The company said it will provide a support scheme for the 619 affected employees and will work to transform the site via a public-private partnership.

AUTOMOTIVE RETAIL

* Volkswagen's namesake brand sold 533,700 vehicles worldwide in September, up 10% year over year as new European emissions regulations weighed down the prior-year period's sales. The German carmaker sold 132,300 vehicles in Europe, up 45.4%, while deliveries in Asia-Pacific grew 2.2% to 300,700 vehicles. Sales in North America came in at 43,300 vehicles, down 11.7% year over year.

* General Motors Co. saw sales in China drop 17.5% year over year in the third quarter to 689,531 vehicles, a decline it attributed to weak demand and its ongoing model turnover.

* Geely Automobile Holdings Ltd. sold 113,832 vehicles worldwide in September, down 9% year over year.

* Tata Motors Ltd. sold 89,912 vehicles worldwide in September, down 27% year over year. The Indian carmaker said its Jaguar Land Rover brand sold 53,091 vehicles during the month.

* Tesla sold a record 3,459 vehicles in the U.K. in September, equating to a 2.2% market share in the country, Electrek reported, citing registration data.

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The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng jumped 0.10% to 25,707.93, while the Nikkei 225 jumped 0.45% to 21,551.98.

In Europe, around midday, the FTSE 100 increased 0.04% to 7,169.18, and the Euronext 100 dropped 0.06% to 1,065.92.

On the macro front

The consumer price index, the jobless claims report, the EIA natural gas report, the Treasury budget, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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