The Car Makers Premier League bottom “team” Renault have reported a massive 31.8 percent drop in revenues 6.63 billion euros during the first quarter of 2009.
Despite the continuing crisis, Renault said not all forward-looking indicators were negative. Without being more specific, the carmaker said that on March 30 it had received more orders for new cars in the first quarter than it did during the same period in 2008. Renault said the rise was due to vehicle scrapping incentives put in place by many national governments.
The automaker's new-vehicle inventories were down 34 percent compared with the first quarter of 2008, while the French carmaker's 2009 action plan remains "on track," the company said.
The action plan includes a series of new-car launches, reducing production levels to match demand and a voluntary departure plan to reduce headcount in Europe.
Source: Automotive News Europe
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