The coronavirus has hit the major French industrial groups hard. The results of several CAC 40 companies are in the red and show heavy net losses for the first half of the year. Total and Renault have suffered particularly, but for the diamond group, the problems date from before the crisis.

It's running out of fuel for Renault and Total. The accounts of the car company show a deep hole of 7 billion 300 million euros. At Total, it is eight billion euros of net losses noted. If the fall of these two firms are the most spectacular, other industrial giants are also in the red: Arcelormittal and EDF are paying hard for the coronavirus crisis just like Airbus or JCDecaux. But for Renault, not everything can be explained by the pandemic.

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All types of transport were slowed down or even stopped for two months. Like car manufacturers, the aviation sector has seen its sales decrease: Airbus thus loses nearly two billion euros. And it is a chain effect of the coronavirus: if factories stop and we no longer drive or fly, it means that almost no one needs steel or oil. Arcelormital is in the red and Total shows its first quarterly loss since 2015, of more than 8 billion euros.

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In the energy sector, EDF announced Thursday morning a loss of 700 million euros. JCDecaux, the star of the display, also plunges into the red, the fault of advertising budgets sacrificed because useless during the crisis. The only consolation for Renault, the Volkswagen group also announces nearly a billion and a half euros in losses. However, some sectors manage to get by. This is the case for food with Danone and Nestlé which this morning posted results in the green. It is also positive for Orange in telephony or Hermès in luxury.

For Renault, the coronavirus crisis has only worsened the problems

In the case of EDF, but especially Renault, the coronavirus cannot however be held solely responsible. Indeed, Renault is doing badly and these results are a bit of a reflection of all these ills that existed before the coronavirus. Much of this loss can be explained by Nissan's woes. The Japanese manufacturer is completely off the road. He is losing a lot of money and this weighs on Renault's accounts. The French auto group itself has not been in shape for months. Its range is no longer suited to current demand, unlike Peugeot, which has become one of the most profitable generalist manufacturers on the planet.

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Renault management admits that these results are very bad. But Jean-Dominique Senart wants to be reassuring for the future. He promises that these difficulties are on the mend and Renault will regain the place it deserves. Same story for the CEO of the company, Luca de Meo: "The situation is unprecedented, it is not without appeal." This involves savings measures, which the group had already announced at the end of May: 15,000 job cuts worldwide, including 4,600 in France.