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Renault SA has cut its outlook for the global auto market, expecting demand to shrink by around 4 percent this year after the French carmaker slashed its forecasts.

The manufacturer previously expected the market to decline by 3 percent. In Renault’s main market of Europe, which accounted for half of vehicle sales last year, demand is likely to fall by as much as 1 percent compared with an earlier prediction for a flat market, Renault said Friday.

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