Renault shows early signs of recovery in Q3
The carmaker had liquidity reserves of 15.2 billion euro at the end of September
Stocks impacted: Renault (RNO)
The French car maker announced group revenues of 10.4 billion euro ($12.2 billion), down 8.2% on the previous year. The 8.2% year-on-year drop was compared with a 35% fall in Renault's revenue in the six months to June. Sales figures were slightly better with 806,320 units sold, down only 6.1% from the same period in 2019. The company posted a record net loss of over 7 billion euro in the first half of the year. The carmaker had liquidity reserves of 15.2 billion euro at the end of September, down 1.6 billion euro since the end of June. Renault said it still expects its automotive division to produce positive free cash flow in the second half of 2020. Earlier this month, Fitch Ratings downgraded Renault's Long-Term Issuer Default Rating and senior unsecured rating to 'BB' from 'BB+', citing a sharp deterioration of key credit metrics in 2020. Following the quarterly report, the company’s stocks rose 1.65% during the European hours on Friday.
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