COVID-19: Renault reports over $8b loss

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FRENCH car manufacturer, Renault, has reported the worst ever half year loss.

The company said its revenue dropped by one third. Renault lost over 7 billion euros or $8.2 billion, compared to a profit of 970 million euros $1.1 seen in the same period last year.

Chief Executive Officer of Renault, Mr. Luca de Meo, said the level of loss was disturbing.

Renault’s shares also fell nearly 9 percent last weekend and have fallen 47percent this year.

Car companies in Europe and other locations have reported sales drops and losses due to the effects of Coronavirus.

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