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Reviews Germany headquarters in Brühl: car manufacturer Renault makes eight billion euros loss

16:45  19 february  2021
16:45  19 february  2021 Source:   ksta.de

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Renault made a record loss of eight billion euros last year, mainly because of deep red numbers at its Japanese partner Nissan. After losses due to the Corona crisis, there were already significant improvements for Renault in the second half of the year, as General Director Luca de Meo said on Friday in Boulogne-Billancourt near Paris.

Renault-Werk in Frankreich © picture alliance / dpa / AFP Renault plant in France "2021 will be difficult"

"The year 2021 will be difficult," continued de Meo. He pointed out the corona crisis and missing electronic components. Due to the ebb of important semiconductor products, Renault is expected to build around 100,000 fewer cars than initially planned this year. Last year around three million vehicles rolled off the assembly line.

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The ex-CEO of Seat did not give a precise forecast for the whole year because of the uncertainties. The program with savings of around three billion euros will be continued: “We're going dead straight ahead.” The top manager from Italy, who has been in office since the middle of last year, is less focused on quantity and instead wants to generate returns. De Meo sees great opportunities in e-cars in particular - ten years of experience in this area would count.

The French carmaker has its German headquarters in Brühl. "Like all other manufacturers, the company suffered from the crisis worldwide," said Germany boss Uwe Hochgeschurtz in November in an interview with the "Kölner Stadt-Anzeiger" : "During the first lockdown, we also have our retail operations for a few weeks have to close. That naturally led to a loss of volume. ”At the time, Hochgeschurtz expected that Renault would“ probably sell between 20 and 25 percent fewer cars ”in Germany in 2020. "2020 has certainly not been an easy year for us as a group that is fundamentally well positioned," said Hochgeschurtz.

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In crisis for a long time

The manufacturer has been in crisis for a long time. Then there are the economic consequences of the coronavirus pandemic. Group sales fell in 2020 by 21.7 percent to 43.47 billion euros. According to the company, the loss of billions is unprecedented. In 2019, the loss attributable to the group was 141 million euros.

Renault announced last year that it would cut 15,000 jobs worldwide. The automaker has now taken four billion euros from a state-guaranteed credit line of up to five billion euros, according to Boulogne-Billancourt.

It remains to be seen when the group, which also manages the Dacia and Lada brands, will be back in the black. An operating margin of more than three percent of sales is targeted for 2023. In the second half of 2020, the operating margin was already 3.5 percent.

Renault and the car alliance with Nissan and Mitsubishi had already got into turmoil in the wake of the scandal surrounding car boss Carlos Ghosn. The ex-manager was arrested and charged in Tokyo in November 2018, among other things, for violating stock market requirements. He fled to Beirut at the end of December 2019, allegedly hidden in a box. Renault has a 43.4 percent stake in Nissan. (with dpa)

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