Renault posts first-half loss of 11.2 billion euros
Revenues at the French car maker came in at 27.6 billion euros, up 2.5 per cent compared with a year earlier, helped by several new product launches, though its operating margin fell 2.1 per centage points to 6 per cent.
Renault lowered its annual forecast earlier this month after market conditions deteriorated, particularly in the commercial vehicle market.
The group, whose sales volume growth slowed to 1.3 per cent in the first half, now expects an operating margin of around 6.5 per cent in 2025, compared with at least 7 per cent previously targeted, and free cash flow of between 1.0 billion and 1.5 billion euros, compared with at least 2 billion previously anticipated.
"Our first-half results, in a challenging market, were not aligned with our initial ambitions," said Francois Provost, appointed new CEO of the group late on Wednesday.
"Nevertheless, Renault Group's profitability remains a reference in our industry, and we are determined to maintain this standard," he added in a statement.
Excluding the impact related to Nissan, its net income attributable to the group reached 461 million euros.
($1 = 0.8754 euros)
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