Renault confesses underestimated market slump leads to 8.6% loss


PARIS — Renault says a worse-than-anticipated slump in car markets in France and across Europe caused overall sales to fall 8.6 percent in the first quarter to 9.5 billion euros (US$12.6 billion).

France’s second-largest carmaker behind Peugeot Citroen says it sold 638,498 units in the first quarter, down 7.9 percent from a year earlier.