Renault ends last year with record loss

French carmaker Renault has suffered massive declines due to restrictions imposed by the 2020 coronavirus pandemic and gaps in the supply chain.

Report informs, citing foreign media, the agency announced a loss of $ 9.7 billion in 2020.

Experts forecast Renault's losses for 2020 at 7.85 billion euros. However, the damage was estimated at 8 billion euros ($ 9.7 billion).

Renault CEO Luca de Meo has stated the company's expectations for 2021:

"2021 will be difficult due to uncertainties in the health care system and the lack of supplies of electronic components needed in the automotive industry. Our main goal is to increase our income and make a profit."

The company has partnered with Nissan to boost gains. Renault plans to eliminate the company's problems by laying off 14,600 employees, closing some production facilities, and reducing costs.