Renault said its original targets for 2009 were now "unachievable"
French carmaker Renault has reported a steep fall in profit and abandoned its targets for 2009, blaming an economic crisis "of massive proportions".
The company announced a net profit of 599m euros ($769m; £541m) for 2008, down 78% on the previous year.
Worldwide sales fell by 4%. Sales in Europe were down more than 7%.
Renault said it expected market conditions to worsen and added that its volume and operating margin targets for 2009 were now "unachievable".
The company said it had a single priority for the year ahead - to aim for positive free cash flow.
The car industry has been hit by a slump in demand amid a wider economic slowdown.
Industry-wide new car sales in Europe fell 17.8% in December.
"The crisis facing the automobile industry is profound," said Renault chief executive Carlos Ghosn.
"It risks being long and without doubt will change the industrial landscape."