FILE PHOTO: A Renault car is seen in a show room at a Renault carmaker dealer, amid the coronavirus disease (COVID-19) outbreak in Sint-Pieters-Leeuw, Belgium May 29, 2020. REUTERS/Yves Herman
PARIS (Reuters) – French carmaker Renault (RENA.PA) posted a record net loss of 7.292 billion euros in the first half of this year, dragged down by the impact of losses at alliance partner Nissan (7201.T) and the COVID crisis hitting sales.
Group operating losses, factoring out the effect of Nissan’s losses, were at 2 billion euros, the company said. Sales fell 34.9 %, a result the company attributed mainly to the global COVID crisis.
Renault, which with alliance partners Nissan and Mitsubishi is embarking on a major turnaround programme, burned through $6.375 billion euros in cash over the first half.
Reporting by Gilles Gillaume; Writing by Christian Lowe