Renault slumps to record 7.3 billion euro net loss in first half

PARIS (Reuters) – French carmaker Renault posted a record net loss of 7.292 billion euros in the first half of this year, dragged down by the impact of losses at alliance partner Nissan <7201.T> and the COVID crisis hitting sales.

Group operating losses, factoring out the effect of Nissan’s losses, were at 2 billion euros, the company said. Sales fell 34.9 %, a result the company attributed mainly to the global COVID crisis.

Renault, which with alliance partners Nissan and Mitsubishi is embarking on a major turnaround programme, burned through $6.375 billion euros in cash over the first half.

(Reporting by Gilles Gillaume; Writing by Christian Lowe)