The crisis at the alliance partner Nissan also left its mark on the French.
Vienna. The crisis at Nissan also left its mark on its partner Renault. The French carmaker reported a minus of 141 million euros for the past year. On Friday, management cited Nissan charges and poorer business in China as reasons for the first loss in ten years. Renault is the main shareholder of the second largest Japanese car maker with 43 percent.
The turnover of the traditional French group decreased by 3.3 percent to around 55.5 billion euros. The dividend for shareholders, including the French government, will drop by 70 percent to EUR 1.10 after EUR 3.55 previously. Renault’s partner Nissan had also cut its earnings forecast for the current fiscal year after a quarterly loss from October to December. The alliance, to which the Japanese carmaker Mitsubishi belongs, is in a deep crisis after the dismissal of CEO Carlos Ghosn due to allegations of embezzlement a year ago. Nissan, whose shares fell to a ten-year low on Friday, is trying to secure its survival with massive staff cuts and the closure of production sites.
Luca de Meo, new Renault boss from July 1, is to hold together the alliance in which the Japanese are pushing for more independence. The former Seat boss is believed to have the necessary sensitivity to moderate the different cultures from Asian companies on the one hand and the French on the other. (Ag)
(“Die Presse”, print edition, February 15, 2020)
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