2 days ago
- Automotive
- Wall Street Journal
Renault Cuts Guidance, Names Interim CEO
Renault RNO 1.00%increase; green up pointing triangle slashed its financial targets for the year due to a worsening automotive market and stiff competition and appointed industry veteran Duncan Minto as interim chief executive.
The French carmaker said it expected an operating margin of roughly 6.5% this year, below a previous forecast of at least 7%. It also expects free cash flow between 1 billion euros and 1.5 billion euros ($1.17 billion-$1.75 billion) compared with previous guidance of at least €2 billion.
