Renault has recorded first-quarter Group revenue down 19.2% to EUR10.1bn (US$10.9bn), while the manufacturer also posted sales falling 26% to 672,962 vehicles as the coronavirus pandemic continues to cause uncertainty.
Renault’s board decided on 9 April to no longer propose the distribution of a dividend at the Annual General Meeting on 19 June, 2020.
Due to the Covid-19 pandemic, the Group suspended its 2020 guidance in March, 2020. Renault added to date, the impact the pandemic will have on the Group’s results is “still impossible to assess.”
Renault will communicate a new guidance as soon as it considers it is in a position to do so.
“As stated on 20 March, in the publication of the Universal Registration Document, the Group suspended its 2020 guidance due to the uncertainties related to the Covid-19 pandemic and the closure of plants and commercial establishments in many countries,” said a Renault statement.
“The Group undertakes to restart commercial and production activities in countries where safety and regulatory conditions permit and will implement all necessary measures to respond effectively to commercial demand.”