PARIS — Renault posted a plunge in first-quarter revenue and said it’s too early to judge the impact the coronavirus pandemic will have on its earnings this year.

Revenue fell 19 percent to 10.1 billion euros ($10.9 billion), the company said in a statement on Thursday.

Renault is seeking billions in government-backed loans from the French state, its most powerful shareholder, which has pledged to help. To clear the way, Renault scrapped its dividend earlier this month.

Renault said it had 10.3 billion euros ($11 billion) of liquidity reserves, as of the end of March, 5.5 billion euros ($5.9 billion) less than at the end of 2019. The first quarter is traditionally a period when automakers use cash to bump up stocks.

Renault’s vehicle sales in Europe fell 36 percent, compared with a 26 percent decline in the market. The low-cost Dacia brand showed the biggest drop.

Renault sold more cars in Russia than in its French home market in the January-March period, the first time that France has slid from the top spot.

However, the automaker slightly benefited from a price effect on sales after launching more expensive SUVs such as the new Renault Captur, but this was not sufficient to offset tumbling volumes.

The sales slump shows the deep hole that the automaker, and much of the industry, finds itself in after the pandemic closed plants and showrooms.

Renault is beginning to reopen factories in France this week, even though some unions have expressed opposition. It has already restarted operations at plants in Morocco, Spain, Portugal and Russia.

Renault scrapped its 2020 targets in March and said Thursday the impact the pandemic will have on results is “still not possible to assess.”

The pandemic hit when Renault was already suffering from slumping sales in key markets and a dismal performance at partner Nissan.

The automakers, linked in an uneasy alliance for the past two decades, have been dogged by infighting and instability since the arrest of former leader Carlos Ghosn in late 2018.

Renault is expected to update investors on its strategy to bolster its alliance with Nissan by mid-May, with details of cost cuts and joint purchasing plans.

Renault’s new CEO, Luca de Meo, will take the helm in July. He was previously head of Volkswagen Group’s Seat brand.

Reuters contributed to this story