Renault’s profits almost wiped out by ailing partner Nissan and sales slump in China

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Renault’s profits almost wiped out by ailing partner Nissan and sales slump in China

By Daily Mail City & Finance Reporter

Published: | Updated:

Renault’s profits were almost wiped out as it was dragged down by its ailing partner Nissan and a sales slump in China.

The French car maker posted its worst financial performance in a decade as profits fell 99 per cent from €3.5billion (£2.9billion) in 2017 to just €19million (£15.6million) last year.

In the slow lane: The French car maker posted its worst financial performance in a decade

Contributions from Nissan, in which it holds a controlling stake, fell nearly 85 per cent. Like most of its rivals, the firm has been hit by falling sales in China.

The grim results were announced after Nissan issued a profit warning on Thursday and revealed that it had lurched to its first quarterly loss in almost a decade.

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