Renault-Nissan-Mitsubishi Alliance Suffered a $37.3b loss

With 10 million vehicles sold in 2019 and 6.3 million in the first half of 2020, the Franco-Japanese Alliance, Renault-Nissan-Mitsubishi, ranked third on the list of the top-selling car manufacturers.

Nevertheless, the COVID-19 outbreak severely affected their business. The Renault Group suffered a massive downturn for the first half of 2020. Between January and June, the company reported $21.8 billion in sales revenue, a $12.5 billion or 34 per cent plunge year-over-year.

Sales figures were also down for the period, with the Renault Group suffering a 34.9 per cent plunge globally and 41.8 per cent in Europe, the second-worst hit region after the Americas. Nissan’s sales dropped by 47.7 per cent globally and 33.7 per cent in its home market of Japan.

Mitsubishi Motors reported a $12.6 billion revenue loss in the fiscal year ended March 31, 2020. The downturn continued in the Q1 of the fiscal year 2021, with revenues falling to $25.5 billion, a 32 per cent plunge year-over-year. The Japanese multinational automotive manufacturer suffered a total loss of $24.8 billion in the first half of 2020, while its market cap halved reaching $2.98 billion last week.

Statistics show the Franco-Japanese Alliance lost a total of $37.3 billion in sales revenue in the first half of 2020.