Paris — Renault set a gloomy tone for the European automotive sector by slashing its outlook for revenue and profit, saying weakening economies were weighing on car sales and tougher rules on emissions had increased costs.
“This profit warning comes at a time of major instability at Renault and its partner Nissan,” Evercore ISI analyst Arndt Ellinghorst wrote in a note. “Investor worries will more likely intensify.” The company said third-quarter sales fell and cash flow should be positive in second half of the year, but may not be for the whole of the year. The grimmer outlook raised the specter that more radical surgery may be needed.
Daimler and Peugeot-maker PSA are scheduled to report next week, with Volkswagen, the world’s biggest carmaker, later in October.
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