Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future