cloudy.png
Wednesday February 19th, 2020 4:58PM

Renault sales and earnings drop in tough market

By The Associated Press
Related Articles
  Contact Editor

PARIS (AP) — France's Renault saw its sales and earnings drop last year and says 2020 will be tough due to the need for investment in new technologies just as the market is shrinking.

The company said Friday that it sold 3.8 million vehicles last year, down 3.4%, with revenue dropping about the same rate to 55.5 billion euros ($60 billion).

That almost wiped out its net earnings, which amounted to just 19 million euros last year compared with 3.4 billion euros a year earlier.

Interim chief Clotilde Delbos said "the visibility for 2020 is limited due to an expected volatility in the market.”

Those uncertainties include EU limits on car emissions, which will require car companies to sell more battery-powered vehicles, as well as the impact of the virus outbreak from China, which has disrupted supply chains.

Renault, which is in a global alliance with Japan's Nissan and Mitsubishi, said it expects the European car market to shrink at least 3% this year.

Beyond market turbulence, Renault has been shaken by the scandal over its former chief, Carlos Ghosn, who was arrested in Japan in late 2018 on allegations of financial wrongdoing and then fled the country about a year later.

Ghosn, who denies wrongdoing, was the head of Nissan, too, in which Renault holds a stake. Nissan is struggling financially, posting a loss for the fourth quarter.

Ghosn had wanted to merge Renault and Nissan and now their alliance is viewed as weakened at a time when key rivals are merging and gaining in heft.

In a sign of its caution, Renault slashed its dividend, to 1.10 euros a share from 3.55 euros in 2018.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US brings new charges against Chinese tech giant Huawei
The Justice Department has added new criminal charges against Chinese tech giant Huawei and two of its U.S. subsidiaries
3:52AM ( 7 minutes ago )
Global shares rise despite worries on China virus outbreak
Global shares are mostly rising despite continuing concerns about the virus outbreak that began in China and its possible impact on global growth
3:38AM ( 21 minutes ago )
With Britain out, the unwieldy EU faces major budget battle
The European Union is looking at major changes in the way it operates
2:27AM ( 1 hour ago )
Associated Press (AP)
Trump wants $1.5B over 10 years to revive US uranium mining
The Trump administration wants to spend $1.5 billion over 10 years to create a U.S. uranium reserve, claiming that reliance on cheaper uranium imports threatens the country's energy security
12:38AM ( 3 hours ago )
Asian stocks rebound from early losses as virus toll grows
Shares have rebounded in Asia after an early sell-off though Japan's Nikkei 225 declined 0.6% on Friday as investors reacted to news of a growing number of cases of a new virus among the local population
12:31AM ( 3 hours ago )
Feds to track how private Medicare info gets to marketers
A government watchdog plans to launch a nationwide probe into how telemarketers may be getting hold of seniors’ personal Medicare information, a red flag for potential fraud and waste
12:19AM ( 3 hours ago )
AP Business
Trump bringing back trusted aide Hope Hicks to White House
Hope Hicks, one of President Donald Trump's most trusted and longest-serving aides, is returning to the White House
5:53PM ( 10 hours ago )
In win for Amazon, judge freezes work on Pentagon contract
A federal court has ordered the Pentagon to temporarily halt work with Microsoft on a $10 billion military cloud contract that Amazon was initially favored to win
5:05PM ( 10 hours ago )
Newspaper chain McClatchy files for bankruptcy protection
McClatchy, the publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers nationwide, is filing for bankruptcy protection
3:06PM ( 12 hours ago )
AP Business - Corporate News
US brings new charges against Chinese tech giant Huawei
The Justice Department has added new criminal charges against Chinese tech giant Huawei and two of its U.S. subsidiaries
3:52AM ( 7 minutes ago )
Global shares rise despite worries on China virus outbreak
Global shares are mostly rising despite continuing concerns about the virus outbreak that began in China and its possible impact on global growth
3:38AM ( 21 minutes ago )
With Britain out, the unwieldy EU faces major budget battle
The European Union is looking at major changes in the way it operates
2:27AM ( 1 hour ago )
In 2 years, Florida 'red flag' law removes hundreds of guns
A Florida law that allows judges to bar anyone deemed dangerous from possessing firearms has been used 3,500 times since its enactment after a 2018 high school massacre
1:50AM ( 2 hours ago )
China's virus crackdown leaves millions working at home
China has told employees who can work from home to stay there while the government fights a virus outbreak with the most extreme anti-disease measures ever imposed
1:41AM ( 2 hours ago )