Renault posts $153m loss, raises question over alliance with Nissan, Mitsubishi

French carmaker, Renault, on Friday, posted a loss of €141 million (or $153 million) for 2019, its first full year without longstanding boss, Carlos Ghosn.

The carmaker’s net income group share fell €3.3 billion in 2018, hit by a big fall in contributions Japanese partner firm Nissan and joint ventures in China.

Nissan, which was also headed by Ghosn until his arrest in Tokyo on financial misconduct charges in late 2018, posted a net loss of ¥26.1 billion (or $237 million) for the fourth of 2019.

Renault’s operating profit was also down in 2019, at €2.11 billion compared €2.99 billion in 2018.

Among the factors was a decline of 3.4 per cent in unit sales, down 3.8 million units in 2019.

Group revenue fell 3.3 per cent €55.5 billion.

The company said it would propose paying a dividend of €1.10, down €3.55 in 2019.

Renault had a turbulent 16 months since the arrest of Ghosn, who since fled bail in Japan to his ancestral homeland of Lebanon.

However, the affair raised questions over the future of its alliance with Nissan, in which it a 43 per cent stake, and Japan’s Mitsubishi.

It would be recalled , Chief Executive Thierry Bollore, was removed, but his replacement, former Volkswagen Chief Executive, Luca Meo, will not assume duty until July. dpa/NAN

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