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Renault reports net loss for 2009

By / 7 years ago / Latest News / No Comments

This included €1.6bn of losses from its shares in other vehicle makers.

Meanwhile revenues were down 10.8% year on year to €33.7 billion.

However, government scrappage schemes and Renault's new car launches helped staunch the losses in the second half, when the company's losses were restricted to €356 million.

The carmaker also reported a slight increase in its global market share by 0.1 point to 3.7%, in a passenger car and LCV market that shrank 4.5%, with the increase rising to 0.2 point in the second half.

Renault has also said that conditions will remain challenging for the coming year.

CEO Carlos Ghosn said: 'Economic conditions will remain difficult in 2010 with a 10% fall in the European market. We are continuing our work on building the Renault of the post-crisis period with the pursuit of the sales offensive in Europe, the mass market of zero-emission vehicles in 2011, the extension of the Entry-car range, the strengthening of our presence in emerging countries, and the acceleration and broadening of synergies with Nissan.'

Renault also said that it would continue with its cost reduction policy and a ratio of net CAPEX and R&D expenses kept at less. It also said that it would build on its actions to control working capital requirements.

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