Renault: the profit drops 69% in the first half

The Renault group saw its adjusted profit. Similarly. Therefore, excluding the impact of Nissan, diving from 69% to the first half of 461 million euros, especially due to a very competitive market in Europe, according to a press release released on Thursday. Moreover,

(Keystone-ATS) As announced in early July. the accounting evolution of the treatment of its Japanese partner and its poor results imply a net loss of 11.2 billion euros in Renault’s accounts.

But even apart from this exceptional renault: profit drops 69% first element. “our results renault: profit drops 69% first new of the first semester. in a difficult market context, were not online with our initial ambitions,” the new director general of the group, François Provost said.

“We have already launched a set of measures to achieve our objectives. Nevertheless. Renault Group’s profitability remains a reference in our industry. and we are determined to maintain this standard, “continued the former purchasing director, partnerships and public affairs that became the boss of the group in the diamond on Thursday.

The environment is “difficult in Europe. marked by the drop in the + retail + market (individual customers). by a high -folded commercial vehicle market, which generates increased commercial pressure,” said the manufacturer.

The turnover of the French manufacturer (Brands Renault, Dacia, Alpine) reached 27.6 billion euros in the first half, still growing by 2.5% over a year.

But Renault has slightly revised its annual objectives in mid-July because of the “deterioration of renault: profit drops 69% renault: profit drops 69% first new first. the dynamics of the automotive. market”.

“Our fundamentals remain unchanged. we intend to preserve our approach. favoring the value (of sales, editor’s note) rather than the volume,” said Renault’s financial director Duncan Minto during a press conference.

“In the current context, having the most attractive product range is the best protection. While some competitors act desperately against common sense, “he added.

The group also paid 279 million euros this semester to Horse, its joint venture of thermal engines with Geely and Aramco.

He also provisioned 98 million euros in anticipation of possible European penalties on CO2 emissions from his cars.

The automaker now targets operating margin around 6.5% of turnover, against a margin greater than or equal to 7% previously.

He indicated that he had strengthened his cost reduction plan. on the side of administrative costs as production and research and development costs.