Renault Sells 3.3% Fewer Cars in First Half of Year than Last Year

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is down for the first half of the year but not quite as bad as anticipated. Total revenue was €20.935 billion, down 0.8% from last year, and it sold 1.33 million cars, down 3.3% from the first half of last year. Net profits were €786 million in the first half of the year, compared to €1.253 billion in the first half of 2011. 

Renault blamed the loss mostly on the failing European market

“In a difficult and uncertain environment, Renault remains on track to meet its 2012 objective of positive automotive operational free cash flow," said Renault CEO Carlos Ghosn.

Renault is expecting similar losses through the rest of the year. It expects global automotive demand to grow by 5%, but the European market will shrink by 6%-7%. The French market will decline by 10% to 11%. Renault is expecting sales to rebound and sell more cars than last year in the second half of the year.