Renault slumps to record 7.3 billion euro net loss in first half
Reuters
Published Jul 30, 2020 01:36AM ET
PARIS (Reuters) - French carmaker Renault (PA:RENA) posted a record net loss of 7.292 billion euros in the first half of this year, dragged down by the impact of losses at alliance partner Nissan (T:7201) and the COVID crisis hitting sales.
Group operating losses, factoring out the effect of Nissan's losses, were at 2 billion euros, the company said. Sales fell 34.9 %, a result the company attributed mainly to the global COVID crisis.
Renault, which with alliance partners Nissan and Mitsubishi is embarking on a major turnaround programme, burned through $6.375 billion euros in cash over the first half.
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Written By: Reuters
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