Renault announces three billion euro loss

Renault executive chairman Ghosn and chief operating officer Pelata attend the company's 2009 annual results presentation Reuters

French carmaker Renault announced losses for 2009 of over three billion euros on Thursday. Chief Executive Carlos Ghosn said he expected further hard times for the company in the European market.

Renault's revenue dropped by almost 11 per cent last year for Renault, and stood at around 33 billion euros. The previous year's net profit was 571 million euros.

When the Paris stock exchange opened on Thursday, Renault's share price had dropped by 3.62 per cent, following the news of the losses.

Ghosn predicted further tough economic conditions in 2010 including a ten per cent drop in the European market. But he said that the company had managed to increase its share of the world market last year.

He also promised six new cars and mass-market zero-emission cars by 2011.

The company also hopes to cut costs by increasing cooperation with its partner Nissan. It had already cut costs by 17 per cent in 2009.