Renault to take 3.6 billion euro hit from Nissan losses

Petre Barac Posted On May 28, 2020

1.4K Views

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

Post Views: 1,359