Renault SA reported first-half losses amid withdrawal from Russia and semiconductor shortages, but upgraded targets for the year.
The French carmaker reported a net loss of 1.36 billion euros, compared with a profit of 354 million euros a year ago.
Half-year revenue came in at 21.12 billion euros, down from 23.36 billion euros a year ago.
Earlier in the month, the carmaker said global vehicle sales fell nearly 30% for the period after pulling out of the Russian market and stressed that semiconductor shortages this year would affect around 300,000 vehicles.
“Despite problems related to the Russian shutdown, the semiconductor crisis and cost inflation, the group has continued to improve its operating performance and is starting to benefit from the success of new models,” said CEO Luca de Meo. .
Renault has upgraded its 2022 target and expects an operating margin of more than 5%, up from a previous estimate of around 3%, and operating cash flow of more than €1.5 billion, compared to the previous target for “positive” cash streams.
Source: Capital
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