Renault’s profits almost wiped out by ailing partner Nissan and sales slump in China
Renault’s profits were almost wiped out as it was dragged down by its ailing partner Nissan and a sales slump in China.
The French car maker posted its worst financial performance in a decade as profits fell 99 per cent from €3.5 billion (£2.9 billion) in 2017 to just €19m (£15.6m) last year.
In the slow lane: The French car maker posted its worst financial performance in a decade
Contributions from Nissan, in which it holds a controlling stake, fell nearly 85 per cent. Like most of its rivals, the firm has been hit by falling sales in China.
The grim results were announced after Nissan issued a profit warning on Thursday and revealed that it had lurched to its first quarterly loss in almost a decade.