Renault announces big loss

Renault has announced a loss of $3.8bn for the first half of 2009. The company says that it is "showing resilience" an preparing "for the post-crisis period with the mass marketing of zero-emission vehicles from 2011, the expansion of the entry-level range, consolidation of our presence in emerging markets and a drive to accelerate and expand synergies with Nissan."

The Formula 1 programme obviously comes under the development of emerging markets.

Renault says that its revenues are down 23.7% compared to a year ago, but this figure apparently hides a dramatic improvement between the first and second quarters in which Renault's 30.8% drop in Q1 improved to 16.9% in Q2.

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