Renault and their alliance partner Nissan have the resources to weather the coronavirus crisis and will roll out strategic plans as scheduled in mid-May, the automakers’ top executives are saying.
Renault Chairman Jean-Dominique Senard and Nissan CEO Makoto Uchida said the three-year strategic plans for the automakers and alliance member Mitsubishi were needed to restore investors’ confidence.
Renault and Nissan have seen their sales fall and profit evaporate in the 18 months since the November 2018 arrest of Carlos Ghosn, who had led the alliance as chairman and was also serving as chairman and CEO at Renault.
Since the beginning of the year, Renault’s share price has fallen by 58% while Nissan’s has fallen by 46%.The two automakers, which have also been forced to temporarily close a large part of their production sites, are considering shutting down activities and products that have little chance of becoming profitable.
Nissan might close factories in Spain, and the Renault brand could withdraw from the Chinese market where Nissan is relatively strong.