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Renault Warns of Rough Year Ahead After Record Annual Loss
Bloomberg 2/19/2021 Tara Patel
(Bloomberg) 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.
“2021 is set to be difficult given the unknowns regarding the health crisis as well as electronic components supply shortages,” Chief Executive Officer Luca de Meo said Friday in a statement. “The priority is profitability and cash generation.”