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Renault profits significantly down in first half of year

Renault has reported a significant loss in the first half of this year.

France's second biggest car maker said revenues were down 2.7 billion Euros.

The company also made losses worth 1.6 billion Euros from stakes in Nissan and AB Volvo, the truckmaker, reports the Financial Times.

It said it would generate cash this year by making further deep cuts to its costs and producing no more cars than it could sell.

Renault's order book was actually running ahead this compared to last because of tax incentives around Europe encouraging consumers to scrap older cars.

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