LONDON—Renault said on Friday it would cut output by 500,000 cars this year, more than double its previous forecast due to a crippling global semiconductor shortage, but maintained its profit outlook helped by higher car prices and cost cuts.
During a presentation to analysts, Renault Chief Financial Officer Clotlide Delbos said the carmaker’s visibility on the chip shortage in the fourth quarter was “still very poor because the information coming from suppliers is very unreliable.”
