Renault 'confident' of recovery despite chip crisis, while Hyundai may challenge EU deal veto

'We know that it's a volatile and uncertain world," cautioned Renault CEO Luca de Meo.

Renault is targeting to produce a 100% electric fleet by 2030.

Renault is "relatively confident" about its business year, but still sees some problems over chip supplies which it expects to be felt mostly in the first half of 2022, the French car marker's CEO said.

"We are relatively confident for 2022, but we know that it's a volatile and uncertain world," said Luca de Meo, adding that the car giant’s restructuring efforts were running ahead of schedule.

The company also said it would step up the ambitions to shift its core Renault brand towards e-mobility, targeting to produce a "100% electric" fleet by 2030, from 90% previously announced.

Elsewhere, Hyundai's proposed takeover of rival Daewoo Shipbuilding & Marine Engineering to create the world's biggest shipbuilder has been hit with an EU veto on concerns that the deal would hurt competition.

Hyundai, one of the largest shipbuilders in the world, announced the deal in 2019 in part to tackle overcapacity in the sector.

The shipyard, which sought EU antitrust approval for the takeover in November 2019, said it may challenge the EU prohibition. South Korea said it regretted the EU decision on a deal already cleared by China, Singapore, and Kazakhstan.

The EU said the deal would create the world's largest shipbuilder with a combined market share of at least 60%, leaving few alternative suppliers for customers.

Reuters