French carmaker Renault posted a record net loss of 7.292 billion euros ($8.58 billion) in the first half of the year, as the COVID-19 pandemic hampered its turnaround efforts while losses at alliance partner Nissan also weighed.
Group operating losses, factoring out the effect of Nissan’s losses, were at 2 billion euros, the company said, compared with operating income of 1.5 billion euros last year. Sales slumped 34.9%, a result the company attributed mainly to the global COVID crisis.
“Although the situation is unprecedented, it is not final,” new Renault Chief Executive Luca de Meo said in a statement on the firm’s first-half performance. “I have every confidence in the group’s ability to recover.” But the Renault-Nissan alliance has been hit especially hard as it was already weakened by low margins on its sales, and boardroom turmoil surrounding Carlos Ghosn, the architect of the alliance who was ousted in 2018.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's How French McDonalds Are Different From American OnesHere’s How French McDonalds Are Different From American Ones
Read more »
Chanel Wants You to Try French-Girl Pink MakeupVery pretty, a little punk, and nothing bubble gum about it.
Read more »
India uses arrival of French Rafale jets to warn ChinaIndian Defence Minister Rajnath Singh launches a veiled warning to neighbouring China over border tensions as first batch of five French-made Rafale fighter jets arrives at Indian air force base.
Read more »
French EU affairs minister: France will not accept Brexit deal 'at any price'France will continue to take a tough line on defending the rights of French fishermen in Brexit talks but a deal with the United Kingdom remains possible, said French junior European affairs minister Clement Beaune on Wednesday.
Read more »
Elon Musk’s SpaceX to launch French astronaut into space next yearFrench astronaut Thomas Pesquet will return to the International Space Station in spring 2021 onboard a spacecraft built by Elon Musk's SpaceX
Read more »
Deutsche Bank posts second-quarter net loss as restructuring continues amid the pandemicDeutsche Bank on Wednesday reported a net loss attributable to shareholders of 77 million euros ($90.3 million) for the second quarter.
Read more »