RENAULT SEES 2021 PROFIT DESPITE CHIP CRUNCH, RAW MATERIAL COSTS

LONDON/PARIS, French carmaker Renault (RENA.PA) said on Friday it expected to deliver a full-year 2021 profit even as a global shortage in semiconductor chips and rising raw material costs crimped production. Renault said it now expects the chip shortage to lead to a production loss of 200,000 units over the course of 2021, up from its previous forecast of a loss of 100,000 units. The carmaker posted a half-year net profit versus a hefty loss for the same period in 2020 due to rising car sales and a turnaround plan focused on profitability. The company reported an operating margin of 2.8% for the first half of the year and said it is aiming for a full-year margin “of the same order.”