Christian Hartmann / REUTERS
Renault slips into the red
The crisis at Nissan Show stock market chart leaves deep traces on partner Renault Show stock market chart, The French carmaker reported a loss of 141 million euros for the past year and cut the dividend for shareholders, including the French state. On Friday, management cited Nissan charges and poorer business in China as reasons for the first loss in ten years. A year earlier, Renault had reported a net profit of 3.3 billion euros. Renault announced an operating margin of between 3 and 4 percent in 2020 after 4.8 percent last year.
Renault’s partner Nissan After a quarterly loss in the period from October to December, the profit forecast for the current financial year was also cut. The alliance, to which the Japanese car maker Mitsubishi Show stock market chart heard, is after the dismissal of CEO Carlos Ghosn due to allegations of embezzlement a year ago in a deep crisis.
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Nissan is trying to secure its survival by massive job cuts and the closure of production sites. Nissan had previously announced that it had made a quarterly loss for the first time in eleven years due to weak sales. So far, the Japanese carmaker had contributed billions to Renault’s profits – but last year it was only 242 million euros.
Albert Gea / REUTERS
Ex-Seat CEO Luca de Meo
The new Renault boss Luca de Meo, who has been in office since July 1, is now to join the Bund von Renault and Nissan stick together, in which the Japanese insist on more independence. The former Seat boss is believed to have the necessary sensitivity to moderate the different cultures from Asian companies on the one hand and the French on the other. Renault holds 43.4 percent of the shares in Nissan. The Japanese hold a 15 percent stake in Renault, but have no voting rights.
The sales of the traditional French group now fell by 3.3 percent to around 55.5 billion euros. The operating result decreased by around 30 percent to 2.1 billion euros. The dividend should drop to 1.10 euros after 3.55 euros previously.
All carmaker are currently under pressure to invest heavily in environmentally friendly drives to meet the EU’s climate requirements. According to experts, they are able to do this together rather than separately. The trend in the industry is moving towards further cooperations and mergers anyway. In the opinion of analysts, a breakup of the alliance would not be an alternative due to the close technical cooperation.
RTR / dpa / akn