Renault to take 3.6 billion euro hit from Nissan losses

Petre Barac Posted On May 28, 2020

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Renault said on Thursday that losses at its Japanese partner Nissan, in which it has a 43 percent stake, would drag on its on net earnings by 3.6 billion Euro in the first quarter.

Renault, which posted its first net loss in a decade in 2019, has like Nissan been struggling with faltering sales, a slide exacerbated this year by the coronavirus pandemic.

The two firms, which this week announced plans for more production sharing under their three-way alliance with Japan’s Mitsubishi Motors in a bid to cut costs, are also embarking on individual restructuring and savings plans.

Via Reuters

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