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International Business Times

Business

INSANE: Renault profits slump as competition intensifies - The Real Truth

Renault Nissan Europe Francois Provost

The Renault diamond has hit a rough patch as it reckons with its stake in trouble partner Nissan and a sluggish European market (Credit: AFP)

French automaker Renault said Thursday that the tough retail and commercial van market in Europe had squeezed profits although it was able to maintain profitability better than most rivals.

Excluding exceptional items Renault saw its first half net profit slump 69 percent to 461 million euros ($528 million).

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