French brand blames “highly uncertain” economic environment
Renault has dropped its 2008 sales growth target due to rising concerns over the severity of the economic crisis.
Despite recording a 4.3 per cent sales rise in the first half of the year, the French carmaker has abandoned its full-year target of 10 per cent.
Renault said in a statement that the “highly uncertain” economic environment meant that it was unable to predict that it would achieve its target.
“Globally, the conditions are right for Renault to pursue growth in the second half of the year,” it said.
“But the rate will depend to a large extent on economic and financial developments, still highly uncertain, and their impact on the main automotive markets, notably in Europe and particularly in France.”
Renault added that it expected sales outside of Europe to remain robust and the impact of seven new model launches this year would intensify in the latter part of 2008.