Renault back in black
The carmaker reported a net profit of €780 million compared to a loss of €2.73 billion for the first half of 2009. Group revenues were up 23.1% to a total of €19.67 billion.
Sales were up globally by 21.7% and Renault Group reported an increase in its share of the global passenger car and LCV market by 0.15% to 3.8%.
Renault president and CEO Carlos Ghosn said: 'The actions we have undertaken are paying off. All Group brands and Regions increased market share. We also controlled our costs, benefiting from synergies within the Alliance.'
For the full year, Renault said it expects the global automotive market to grow by around 8% compared to 2009, despite an estimated 7% to 9% decline in the European market. It added that the third quarter will be important in determining visibility for the full year and the start of 2011 in the automotive market.
Commenting on the objectives for the full year, Mr Ghosn said: 'In an uncertain environment in the second half of 2010, the group will continue to focus on its key target of generating positive free cash flow for the full year.' Renault also said it will look to increase market share in its main markets for 2010 as a whole.For more of the latest industry news, click here.