stockmarketwalk The French automaker Renault group increased sales to 9.782 billion euros. The price increases more than compensated for the decrease in sales volume. The group sales are 20.5 percent higher than the previous year’s sales of EUR 8.120 billion.
Renault sold 481,000 vehicles in Q3, 2.4 percent less than the volume of 493,000 a year ago.
The price increases contributed 12.8 percentage points to the 20.5 percent increase in sales revenue.
The overall group sales climbed by 20.5% but the sales figures no longer include the results of the Russian car manufacturer Avtovaz. The base quarter of Q3 from last year was reduced by Avtovaz’s sales of 537 million euros and Renault Russia’s sales of 330 million euros during the comparison.
Additionally, Renault confirmed it had its best price action as the quarterly volume of vehicles sold fell 2.4% year-on-year.
The global automakers are under pressure due to worsening economic circumstances including semiconductor shortages, supply chain shortages, rising energy costs and fears of a global recession.
The company’s third-quarter sales revenue of 9.8 billion euros matched the consensus of analysts.
Furthermore, Renault confirmed its full-year outlook, which includes an operating margin target of over 5%. This figure was still 3.6% in 2021.
The mayor of Moscow recently announced that the factory left behind by Renault will produce Moskvich cars.
Key takeaways:
- Sales up by 20.5% to 9.782 billion euros
- Renault sold 481,000 vehicles in Q3, which reflects to a decrease of 2.4 percent in volume
- Price increases contributed 12.8 percentage points to the 20.5 percent increase in sales
- Operating margin target over 5%
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