French automotive company Renault has today said it lost £250 million in 2008, as the global crisis in car demand continues.
The firm announced that as a result it is scrapping all bonuses throughout the organisation.
“A financial and economic crisis of massive proportions hit the global economy in 2008,” rued Renault chief, Carlos Ghosn.
Renault’s woes were added to by the dire trading conditions at Nissan, the Japanese producer which the French firm controls. Last week Nissan announced it will shed 20,000 staff this year.