top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

22 Apr 2022

Renault Q1 Sales Hit by Semiconductor Crunch and Ukraine-Russia Crisis

The Index Today

Prominent French automaker Renault has reported lower earnings for the first quarter due to the ongoing semiconductor supply shortage and the Ukraine crisis, due to the fact that the carmaker has a substantial customer base in Russia.

According to Reuters, this dip comes as Renault’s sales retreated by over 17% to 552,000 vehicles compared to Q1 of 2021, which is the worst quarterly sales figures since 2009. On Friday, the firm revealed their earnings had dropped by 2.7% from the previous year to 9.748 billion euros ($10.6 billion).

The carmaker also added that global semiconductor supply crunch will lower its car production by 300,000 vehicles in 2022. However, their electric and hybrid vehicle sales edged higher by 13%, and made up 36% of net sales, reported Reuters.

Renault's finance chief, Thierry Piéton, said in a statement, "In a market environment severely disrupted by the conflict in Ukraine, the semiconductor crisis and inflation, Renault Group is continuing its recovery and accelerating the implementation of its strategy."

©Photo: Nytimes

Clay pottery with table linens
bottom of page