Renault Reports Increase in Revenue and Vehicle Sales
Renault, the French carmaker, has confirmed its guidance for the year after a strong performance in the third quarter. Revenue for the quarter reached 10.51 billion euros ($11.08 billion), representing a 7.6% increase compared to the same period last year. This result exceeded analysts' expectations of EUR10.34 billion.
In the third quarter, Renault sold a total of 356,747 brand units and generated automotive revenue of EUR9.39 billion, a 5% rise from last year. Across the group, vehicle sales reached 511,000, indicating a growth of 6.1%.
Renault remains optimistic for the future, reiterating their guidance for 2023. They anticipate that their second-half group operating margin will exceed the 7.6% achieved in the first half of this year.
According to Chief Financial Officer Thierry Pieton, Renault is confident in their product offensive strategy, as well as the benefits from their cost reduction program and commercial policies focused on value. He stated, "We have entered the last quarter with confidence and confirm the improvement of our profitability in the second half of the year and beyond."
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