Carmaker Renault posts record US$9.7 billion loss for 2020

Carmaker Renault posts record US$9.7 billion loss for 2020

Renault reported a record 8 billion euro (US$9.68 billion) loss for 2020 as the COVID-19 pandemic hit sales and production at the French carmaker and its Japanese partner Nissan.

FILE PHOTO: Coronavirus disease (COVID-19) outbreak in Sint-Pieters-Leeuw
FILE PHOTO: A logo of Renault carmaker is pictured at a dealership amid the coronavirus disease (COVID-19) outbreak in Sint-Pieters-Leeuw, Belgium May 29, 2020. REUTERS/Yves Herman/File Photo

PARIS: Renault reported a record 8 billion euro (US$9.68 billion) loss for 2020 as the COVID-19 pandemic hit sales and production at the French carmaker and its Japanese partner Nissan.

Renault was already reeling from a 141 million euro loss in 2019 before the pandemic hit.

Analysts polled by Refinitiv had expected a 7.4 billion euro loss for 2020. (US$1 = 0.8269 euros)

(Reporting by Gilles Guillaume and Sarah White; Editing by Devika Syamnath)

Source: Reuters

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