France's Renault posts massive loss as trouble piles up

French carmaker Renault reported a massive loss of 7.4 billion euros ($8.5 billion) in the first half of the year as the collapse in global auto sales due to the pandemic worsened troubles already brewing at the manufacturer

PARIS -- French carmaker Renault reported a massive loss of 7.4 billion euros ($8.5 billion) in the first half of the year as the collapse in global auto sales due to the pandemic worsened troubles already brewing at the manufacturer.

Renault's loss compared with a profit of about 1 billion euros a year earlier. Its 35% drop in sales during the period was worse than the global drop, which it estimated at 28%.

Shares in Renault plunged almost 9% on the news of its loss.

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