Renault expects the European car market to fall 10% next year, chief operating officer Patrick Pelata said.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
His forecast followed an announcement that the automaker’s full-year 2009 revenue was likely to be 17-18% below 2007, while fixed costs should be 18% lower with investment this year down 24% compared with 2007.
Pelata said it was too early for the company to announce a new performance plan. Earlier this year, Renault withdrew key targets including a 6% operating profit margin for 2009.
Pelata said he saw the possibility of an upturn in the Russian market, which is “going very badly at the moment,” in the second half. Renault has a 25% stake in Russia’s largest carmaker AvtoVAZ.
