French carmaker Renault went into the red last year, the first time in a decade, with net losses of 141 million euros due to lower sales and a falling contribution from its Japanese partner Nissan, reports FMT News.
Renault said its outlook for 2020 was bleak with a fresh fall in operational profitability, a statement said Friday.
Last year saw group operating margin drop from 6.3% to 4.8%, though Renault stated that it “achieved its targets, revised in October,” despite “a troubled context.”
The auto giant in 2019 marked its first full year without former emblematic CEO Carlos Ghosn, arrested in Japan in November 2018 over allegations of financial misconduct, including under reporting salary and misuse of company assets at Renault partner Nissan.
Brazilian-born Ghosn, who also has French and Lebanese nationality, is now in Lebanon, where he fled in December after jumping bail in Japan.
In a struggling global auto market Renault saw group revenues slide 3.3% to 55.5 billion euros while confirming sales dropped 3.4% to 3.75 million vehicles.