French carmaker Renault on Thursday posted a 19.2% drop in first-quarter revenue to 10.13 billion euros ($10.97 billion), and said it was still too early to assess what impact the coronavirus crisis would have on its earnings this year.
FILE PHOTO: The logo of French carmaker Renault is seen before the company's 2019 annual results presentation at their headquarters in Boulogne-Billancourt, near Paris, France, February 14, 2020. REUTERS/Gonzalo Fuentes/File Photo
The group, which had already cancelled its dividend and suspended its financial outlook, has been hit hard by the health crisis as demand for cars plummets, while many dealerships and production sites have closed. However, the group slightly benefited from a price effect on sales after launching more expensive SUV style models such as the Renault Captur, but this was not sufficient to offset tumbling volumes.
Renault is expected to update investors on its strategy to bolster its alliance with Japan’s Nissan by mid-May, with details of cost cuts and joint purchasing plans.
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