Renault revenue edges up as EV sales jump 85 percent; Dacia slips
Renault's third-quarter revenue beat analyst expectations. Electric car sales surged, while Dacia sold almost 13 percent fewer vehicles.
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Video: YouTube · Renault Group · youtube.com
Renault Group posted third-quarter revenue of 11.6 billion euros, up 1.5 percent from a year earlier, the company said on Oct. 29. Analysts had expected a slight decline, according to Reuters. Sales volumes fell 6.0 percent to 497,799 vehicles: the Renault brand was down 2.9 percent and Dacia 12.8 percent, while sports car brand Alpine rose 58.4 percent to 3,723 cars.
Electric passenger car sales in Europe rose 84.7 percent, Renault said, accounting for 25.8 percent of the group's passenger car sales, or 54.9 percent including hybrids. The new Twingo has sold 26,000 units since launch, Reuters reported. Chief Financial Officer Duncan Minto cited "noticeable pressure from Chinese brands in Europe" when discussing Dacia.
Renault confirmed its full-year targets of an operating margin of around 5.5 percent and automotive free cash flow of around 1 billion euros. The shares are down 26 percent this year, according to Reuters. In the Renault Group video, CEO François Provost discusses the electrification of the car market.