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Elham AbolFateh

Automobile

Renault sticks to 2019 goals، with focus on fixing Nissan alliance

Saturday 27/April/2019 - 10:45 AM
Sada El Balad
The French carmaker reiterated that the two companies are pursuing talks on a more permanent structure for their alliance، which has been shaken by the ousting of former chairman and chief executive Carlos Ghosn for alleged financial misconduct.

Renault’s revenue fell to 12.527 billion euros ($13.95 billion) for January-March as deliveries declined by 5.6 percent to 908،348 vehicles، hit by its withdrawal from Iran last year.

Sales volumes for the quarter were down in all regions outside Europe، where they rose 2 percent، as the global auto market contracted by 7.2 percent، Renault’s sales chief Olivier Murguet said in a presentation to reporters and analysts.

“In this context، Renault outperformed the market،” Murguet added of the French carmaker، which has struggled with tighter emissions standards and a shift away from diesel.

Under new Chairman Jean-Dominique Senard، Renault is pursuing tie-up talks that had begun under Ghosn to give the alliance a more permanent structure - as mandated by the French government، which owns a 15 percent stake in Renault.

“What we want is for the alliance to be irreversible،” Chief Financial Officer Clotilde Delbos told analysts. “This is what we’re pursuing collectively with Nissan - that hasn’t changed.”

As the carmakers wind down Renault-Nissan BV، the Dutch-registered management organization caught up in the Ghosn scandal، Renault is proposing a new joint company in a third country، Japanese daily Nikkei reported on Friday.

Shares in Renault rose 1.5 percent to 60.47 euros at 0834 GMT، despite its quarterly revenue figure falling slightly short of the 12.6 billion expected by analysts، based on the median of nine estimates in an Infront Data poll.
Edited by: Ahmad El-Assasy

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