A Renault Espace E-Tech full Hybrid (L) and a Megane E-Tech 100% Electric EV (C) are displayed during the Geneva Motor Show 2024 at Palexpo on Feb. 26, 2024 in Geneva, Switzerland.\u00a0<\/p>\n
John Keeble | Getty Images News | Getty Images<\/p>\n
Shares of French carmaker Renault<\/a> plunged as much as 17% on Wednesday after the company lowered its 2025 guidance and announced the appointment of a new interim chief executive officer.<\/p>\n The Paris-listed stock was last seen trading down 15.6%, notching a fresh 52-week low. It puts the company on track for its worst trading day since March 2020.<\/p>\n In a trading update<\/a> published late Tuesday, Renault said it is targeting an operating margin of around 6.5% this year, down from a previous forecast of around or exceeding 7%.<\/p>\n The company is also aiming for a free cash-flow between 1 billion euros ($1.16 billion) and 1.5 billion euros, down from roughly or above 2 billion euros, previously.<\/p>\n Renault also announced<\/a> the appointment of Duncan Minto as interim CEO, following Luca de Meo’s\u00a0abrupt resignation<\/a>\u00a0last month after around five years at the helm of the company.<\/p>\n “Currently CFO of Renault Group, Duncan Minto will ensure the day-to-day management of the company alongside Jean-Dominique Senard, who will hold the position of Chairman of Renault s.a.s., the operating company of the Group, during this period,” Renault said in a statement.<\/p>\n Renault is poised to report its half-year results on July 31.<\/p>\n Analysts at Germany’s Deutsche Bank cut their target price to 47 euros, down from 55 euros, on news of Renault’s profit warning.<\/p>\n “While the new margin guide remains solid also relative to peers, we see the warning as an obvious additional hit on sentiment for shares,” analysts at Deutsche Bank said in a research note.<\/p>\n Analysts at JPMorgan, meanwhile, said Renault’s new management structure would face further challenges from muted demand in Europe, ongoing trade tensions and rising competition from Chinese manufacturers.<\/p>\n \u2014 CNBC’s Jordan Butts contributed to this report.<\/p>\n","protected":false},"excerpt":{"rendered":"A Renault Espace E-Tech full Hybrid (L) and a Megane E-Tech 100% Electric EV (C) are displayed during…\n","protected":false},"author":2,"featured_media":13816,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[10060,448,1050,28,122,13307,6145],"class_list":["post-13815","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-autos","tag-breaking-news-business","tag-breaking-news-europe","tag-business","tag-business-news","tag-renault-sa","tag-transportation"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/13815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=13815"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/13815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/13816"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=13815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=13815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=13815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}