Renault has posted group revenue of €10.7bn ($11.55bn) for the third quarter of 2024, an increase of 1.8% compared to the same period in the previous year.
This growth is put at a 5% increase at constant exchange rates.
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The automotive sector saw a minor downturn, with revenue reaching €9.347bn, a 0.5% decrease from Q3 2023. This includes a 3.1 points negative impact from exchange rates. However, at constant exchange rates, there was a 2.6% increase, the company said.
Mobility Services contributed €14m to the Q3 2024 group revenue, showing growth from €11m in Q3 2023.
Mobilize Financial Services registered an uptick with revenue of €1.34bn in Q3 2024, marking a 21.6% increase from the previous year.
As of 30 September 2024, total inventories, including the independent network, were reported at 528,000 vehicles, a reduction of 14,000 units year-on-
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By GlobalDatayear. Group inventories accounted for 231,000 vehicles, and independent dealer inventories for 297,000 vehicles.
Global sales for Renault Group in Q3 2024 totalled 482,468 vehicles, a 5.6% decrease.
In Europe, despite a market downturn of 6.1%, the group registered 328,111 vehicles, a 5.3% decline, maintaining its third position with a 9.8% market share.
Sales increases in Italy, Spain, and the UK partially offset lower activity in France and Germany. Outside Europe, sales reached 150,217 vehicles, a 5.8% decrease.
Renault brand’s sales amounted to 339,307 units in Q3 2024, a decrease of 4.9%.
The brand said it anticipates a boost in Q4 2024 from the ramp-up of new launches in both European and international markets.
Electrified vehicles represented 30.2% of Renault Group’s passenger car sales in Europe, a 3.4 point increase from the previous year.
Specifically, Renault brand’s electrified vehicles made up 46.8% of its European passenger car sales, a 7.8 point increase. All-electric vehicles accounted for 7.6% of the Group’s European passenger car sales, with the Renault brand reaching 11.6%.
The Group’s Q4 2024 sales are expected to be bolstered by the rollout of seven new vehicles, including the Renault 5 E-Tech electric and the New Renault Master.
Sales outside Europe are anticipated to benefit from new model introductions in Latin America, Türkiye, and South Korea, the company said in its press statement.
Renault Group also confirmed its 2024 full-year financial outlook, expecting a group operating margin of at least 7.5% and a free cash flow of €2.5bn or more.
Commenting on the performance, Renault Group CFO Thierry Pieton said: “Our Q3 revenue is starting to benefit from our unprecedented product offensive, with ten new launches this year, representing 18% of our invoices over the quarter.
“This trend will continue over the next quarters in line with the gradual introduction of vehicles on their respective markets and will accelerate further with the seven new launches planned for 2025.
“In this challenging environment, we are accelerating our in-depth transformation with committed teams, to improve our agility and build our next chapter.”
