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Sales dive prevents Renault to meet goal
By Laurence Frost |
January 10, 2009, Saturday
|
Print Edition
Print Edition
RENAULT SA, France's second-biggest car maker, said sales plunged 29 percent last month on a slump in emerging market, preventing the company from fulfilling its goal to increase global volumes in 2008.
Renault sold 146,758 cars and light trucks in December compared with 205,258 a year earlier, the company said in a statement yesterday. Full-year sales dropped 4.2 percent to 2.38 million vehicles from 2.49 million.
"Inventory management and reduction will remain a priority throughout 2009," the France-based car maker said, according to Bloomberg News.
European car makers have shuttered plants and suspended thousands of jobs to reverse a buildup of unsold vehicles as plummeting consumer confidence and tighter credit erode sales. Renault said this week it had cut stocks to 70,000 vehicles from more than 100,000 in September, after slashing production by 50 percent in the fourth quarter.
Renault sold 146,758 cars and light trucks in December compared with 205,258 a year earlier, the company said in a statement yesterday. Full-year sales dropped 4.2 percent to 2.38 million vehicles from 2.49 million.
"Inventory management and reduction will remain a priority throughout 2009," the France-based car maker said, according to Bloomberg News.
European car makers have shuttered plants and suspended thousands of jobs to reverse a buildup of unsold vehicles as plummeting consumer confidence and tighter credit erode sales. Renault said this week it had cut stocks to 70,000 vehicles from more than 100,000 in September, after slashing production by 50 percent in the fourth quarter.
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