Renault to take 3.6 bln euro hit from Nissan losses
28/05/2020 10:56
PARIS, May 28 (Reuters) - French carmaker Renault RENA.PA
said on Thursday that losses at its Japanese partner Nissan
4021.T , in which it has a 43% stake, would drag on its on net
earnings by 3.6 billion euro ($3.96 billion) 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.
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The two firms, which this week announced plans for more
production sharing under their three-way alliance with Japan's
Mitsubishi Motors 7211.T in a bid to cut costs, are also
embarking on individual restructuring and savings plans.
Nissan posted an annual operating loss of 40.5 billion yen
($376 million) for the year to March 31, its worst performance
since 2008/09, while net losses came in at 671.2 billion yen.
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Renault is due to announce details of its turnaround plan on
Friday.
($1 = 0.9083 euros)
($1 = 107.7100 yen)
(Reporting by Sarah White; editing by Jason Neely)
((sarah.white1@thomsonreuters.com; + 33 (0) 1 49 49 56 85;))