Deals
Renault’s Profit Warning Sets Off Tremors Across Auto Industry
- French firm’s shares fall the most since Carlos Ghosn arrest
- Interim CEO lowers outlook for full-year revenue, profit
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Renault SA set a gloomy tone for the European automotive sector by slashing its outlook for revenue and profit, saying weakening economies are weighing on car sales and tougher rules on emissions have increased costs.
The French carmaker’s shares on Friday fell the most since the arrest last year of former boss Carlos Ghosn. Renault reduced its financial guidance for 2019, citing deteriorating results in markets including Turkey and Argentina, and spending on research and development.