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Renault Cuts Outlook as Sales Shrink
Renault SA, which had expected flat income this year, now says its revenue will drop 3%-4% because of unfavorable economic conditions.
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Renault SA, which had expected flat income this year, now says its revenue will drop 3%-4% because of unfavorable economic conditions.
The company also says the rising costs of meeting government regulations will contribute a decline in its operating margin to 5% from the previously expected 6%.
Renault’s group revenue in July-September fell 2% to €11.3 billion ($12.6 billion) from the same period last year.
The company also says it is reassessing midterm targets for its Drive the Future plan. Announced in 2017, the plan calls for introducing 21 new models by 2022, most of them either electrified or equipped with Level 2 semi-autonomous driving capabilities.
Drive the Future also targets global sales of 5 million units by 2022 compared with the 3.9 million vehicles Renault sold in 2018.
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