French carmaker Renault on Thursday reported losses of over 7.3 billion euros ($8.6 billion) in the first half of 2020 due to the ongoing effects of the coronavirus crisis and the company's contribution to its Japanese partner, Nissan, whose shares are partially owned by Renault
MOSCOW (Pakistan Point News / Sputnik - 30th July, 2020) French carmaker Renault on Thursday reported losses of over 7.3 billion Euros ($8.6 billion) in the first half of 2020 due to the ongoing effects of the coronavirus crisis and the company's contribution to its Japanese partner, Nissan, whose shares are partially owned by Renault.
"Net profit amounted to -7 386 million euros. It is heavily penalized by the negative contribution of Nissan (-4 817 million euros)," the group's statement read.
Notably, Renault owns 43 percent of the Japanese car manufacturer, Nissan.
The carmaker noted that due to the uncertainty of the health situation it is not possible to make reliable financial forecasts.
"The situation is unprecedented, [but] it is not unconditional," Renault CEO Luca de Meo said in the statement.
The French government, which owns 15 percent of the company's shares, has pledged an eight-billion-euro rescue strategy to help France's automotive industry recover from the dire consequences of the coronavirus pandemic, which has halted the world economy. In particular, France aims at being the European leader in electric cars, which would make its economy eco-friendlier.
