Renault also took a hit from a decline in the financial contribution of struggling Nissan. FMTNews Renault
PARIS: French carmaker Renault went into the red last year, the first time in a decade, with net losses of €141 million due to lower sales and a falling contribution from its Japanese partner Nissan.
The auto giant in 2019 marked its first full year without former emblematic CEO Carlos Ghosn, arrested in Japan in November 2018 over allegations of financial misconduct, including under reporting salary and misuse of company assets at Renault partner Nissan. Unveiling operating income down almost a third to €2.11 billion, the group said it expected 2020 to bring a further profitability hit, with revenues of a similar order to 2019.
Thursday, Nissan said its net profit plunged more than 87% for the nine months to December as it struggles with weak demand and fallout from the Ghosn case.
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