7 days ago
Renault shares plunge 17% after French carmaker lowers guidance, appoints new interim CEO
Shares of French carmaker Renault plunged on Wednesday after the company lowered its 2025 guidance and announced the appointment of a new interim chief executive officer.
The Paris-listed stock was last seen trading 16.6% lower.
In a trading update published late Tuesday, Renault said it is targeting an operating margin of around 6.5% this year, down from a previous forecast of around or exceeding 7%.
The company is also aiming for a free cash-flow between 1 billion euros ($1.16 billion) and 1.5 billion euros, down from roughly or above 2 billion euros, previously.
Renault also announced the appointment of Duncan Minto as interim CEO, following Luca de Meo's abrupt resignation last month after around five years at the helm of the company.
"Currently CFO of Renault Group, Duncan Minto will ensure the day-to-day management of the company alongside Jean-Dominique Senard, who will hold the position of Chairman of Renault s.a.s., the operating company of the Group, during this period," Renault said in a statement.
Renault is poised to report its half-year results on July 31.
