Renault profit warning deepens carmaker's problems

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French carmaker Renault, which last week sacked its CEO Thierry Bolloré, who himself replaced Carlos Ghosn after the latter's arrest last year in Japan where he is still detained, saw its shares tumble on Friday after issuing a profit warning and announcing 2019 sales were likely to drop by up to 4%.

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A profit warning sent Renault’s shares as much as 15% lower on Friday, capping a turbulent year for the French carmaker since the arrest of long-time boss Carlos Ghosn and adding to signs of a sharp global auto industry slowdown, reports Reuters.