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Renault Cuts Outlook as Sales Drop
Renault SA has lowered its revenue forecast for 2019 to flat after sales in the first half of the year shrank 7% to 1.94 million vehicles.
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Renault SA has lowered its revenue forecast for 2019 to flat after sales in the first half of the year shrank 7% to 1.94 million vehicles.
CEO Thierry Bollore, citing a “tougher than expected” marketplace, reports that Renault’s first-half group revenue dropped 6% to €28.1 billion ($31.3 billion).
Operating income for the period fell 12% to €1.5 billion, and net income attributable to shareholders plunged 49% to €970 million ($1.1 billion).
Renault now expects the global car market will shrink 3% this year, compared with the 1.6% decline it previously expected.
But Bollore says new models will help the company deliver full-year revenue “close” to last year’s €57.4 billion. The company previously predicted a revenue growth in 2019.
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