PARIS — Renault reported a first-half (H1) net loss attributable to the group of 11.19 billion euros ($12.78 billion) on Thursday, including a one-off 9.3 billion euros from writing down its investment in partner Nissan flagged earlier this month.
Revenues at the French carmaker came in at 27.6 billion euros, up 2.5 percent compared with a year earlier, helped by several new product launches, though its operating margin fell 2.1 percentage points to 6 percent.
Renault lowered its annual forecast earlier this month after market conditions deteriorated, particularly in the commercial vehicle market.
The group, whose sales volume growth slowed to 1.3 percent in the first half, now expects an operating margin of around 6.5 percent in 2025, compared with at least 7 percent previously targeted, and free cash flow of between 1.0 billion and 1.5 billion euros, compared with at least 2 billion previously anticipated.
“Our first-half results, in a challenging market, were not aligned with our initial ambitions,” said Francois Provost, appointed new CEO of the group late on Wednesday.
“Nevertheless, Renault Group’s profitability remains a reference in our industry, and we are determined to maintain this standard,” he added in a statement.
Excluding the impact related to Nissan, its net income attributable to the group reached 461 million euros.
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