PARIS (Reuters) – Renault on Friday said its quarterly sales rose to 9.8 billion euros ($9.57 billion), in line with analyst expectations as price increases allowed the firm to generate revenue growth despite a decrease in car sales from the previous year.
Overall group revenues grew by 20.5% when adjusted for the disposal of its former Russian unit Avtovaz, the French carmaker said, adding that it recorded its best-ever price effect as quarterly vehicle sales decreased by 2.4% from last year.
The third-quarter sales figure of 9.8 billion euros was bang in line with an analyst consensus provided by the company.
Renault heads into the year’s final quarter with major challenges ahead as it is finalising plans to split its thermal engine and electric vehicle departments into two separate units amid tense talks aimed at reconfiguring its strategic partnership with Nissan.
The French carmaker on Friday also confirmed its full-year outlook including an operating margin target of over 5%, compared with 3.6% in 2021 and automotive operational free cash flow over 1.5 billion euros.
($1 = 1.0238 euros)
(Reporting by Gilles Guillame, writing by Tassilo Hummel, editing by Silvia Aloisi)
