Hyperdrive
Renault Warns of Rough Year Ahead After Record Annual Loss
- French carmaker cites auto-chip shortage, pandemic impact
- CEO de Meo says business improved during second half of 2020
Outside a Renault SA showroom in Lille, France.
Photographer: Laurel Chor/BloombergThis article is for subscribers only.
Renault SA braced investors for another challenging year as lingering coronavirus restrictions and supply-chain challenges threaten the French carmaker coming off a record annual deficit.
The manufacturer reported a net loss of 8 billion euros ($9.7 billion) for 2020, worse than the 7.85 billion euro-deficit projected by analysts. Much of the damage was done during the first half, when lockdowns crippled auto shipments. A scarcity of semiconductors now poses risk to this year’s results.