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Renault posts second-half net loss as auto sales down
'The crisis facing the automobile industry is profound,' CEO Carlos Ghosn said at a news conference. 'It risks being long and without doubt will change the industrial landscape.'
'Renault expects market conditions to worsen in 2009,' the company said.
Ghosn declined to give a forecast for 2009 because uncertainty over the extent of the crisis makes it impossible to predict sales.
He confirmed that his targets for a turnaround plan, dubbed Commitment 2009, are now unattainable.
Shares rose 1.91 percent to euro16.55 in Paris morning trading.
Automakers around the world have been slashing production and laying off workers as they face three key challenges: consumers shying away from big-ticket purchases, overproduction even before the crisis, and difficulty in getting financing amid a credit crunch.
Crosstown rival PSA Peugeot-Citroen reported Wednesday a full-year net loss of euro343 million, and said it expected to make another loss this year. The company wants 7,500 workers to sign up to a voluntary departure scheme this year, in addition to 3,500 announced in December.
Renault CFO Thierry Moulonguet told reporters his company has no plans to extend a scheme for 6,000 voluntary job cuts announced in September. But Ghosn said an additional 3,000 people would leave through attrition, bringing the work force to 120,000 by the end of the year.
To weather the crisis, Renault will focus on reducing stocks, cutting costs, strengthening synergies with Nissan and 'continuing to work with public policy makers worldwide to find the resources to make the necessary changes.'
The French government is seeking to help its ailing automakers with low-interest loans announced on Monday and incentives to trade in older vehicles for less polluting models. The deal includes a direct loan of euro3 billion for Renault and euro1 billion for its financing arm, which helps buyers finance their car purchases.
Renault said it is mobilized around a single priority in 2009: achieving positive cash flow -- the funds a company is able to generate after maintaining or expanding assets. Last year, free cash flow at the automobile division was negative by euro3.03 billion.
Net debt increased euro5.86 billion to euro7.94 billion.
'We were in line with our objectives until the end of the first half,' Moulonguet told journalists. 'The change happened during the second half and particularly in the fourth quarter.'
Renault said its alliance with Japanese car maker Nissan is a 'key advantage' in a sector heading for a new wave of consolidation.
'Renault expects market conditions to worsen in 2009,' the company said.
Ghosn declined to give a forecast for 2009 because uncertainty over the extent of the crisis makes it impossible to predict sales.
He confirmed that his targets for a turnaround plan, dubbed Commitment 2009, are now unattainable.
Shares rose 1.91 percent to euro16.55 in Paris morning trading.
Automakers around the world have been slashing production and laying off workers as they face three key challenges: consumers shying away from big-ticket purchases, overproduction even before the crisis, and difficulty in getting financing amid a credit crunch.
Crosstown rival PSA Peugeot-Citroen reported Wednesday a full-year net loss of euro343 million, and said it expected to make another loss this year. The company wants 7,500 workers to sign up to a voluntary departure scheme this year, in addition to 3,500 announced in December.
Renault CFO Thierry Moulonguet told reporters his company has no plans to extend a scheme for 6,000 voluntary job cuts announced in September. But Ghosn said an additional 3,000 people would leave through attrition, bringing the work force to 120,000 by the end of the year.
To weather the crisis, Renault will focus on reducing stocks, cutting costs, strengthening synergies with Nissan and 'continuing to work with public policy makers worldwide to find the resources to make the necessary changes.'
The French government is seeking to help its ailing automakers with low-interest loans announced on Monday and incentives to trade in older vehicles for less polluting models. The deal includes a direct loan of euro3 billion for Renault and euro1 billion for its financing arm, which helps buyers finance their car purchases.
Renault said it is mobilized around a single priority in 2009: achieving positive cash flow -- the funds a company is able to generate after maintaining or expanding assets. Last year, free cash flow at the automobile division was negative by euro3.03 billion.
Net debt increased euro5.86 billion to euro7.94 billion.
'We were in line with our objectives until the end of the first half,' Moulonguet told journalists. 'The change happened during the second half and particularly in the fourth quarter.'
Renault said its alliance with Japanese car maker Nissan is a 'key advantage' in a sector heading for a new wave of consolidation.
