Ninemonth increase in revenue attributed to stringent trade policies and assertive business strategies.
Renault Group Reports Strong Q3 Performance and Positive Outlook for 2023
Renault Group has announced its financial results for the third quarter of 2023, showcasing a robust performance across various sectors. The company's order book remains at 2.5 months of forecasted sales, indicating a steady demand for its vehicles.
The Renault brand consolidated its position as the second best-selling car brand in Europe, with a 22.2% increase compared to 2022. This growth propelled the brand to the top spot in the European market.
Renault's electric passenger vehicle sales saw a significant boost, with a 22% increase in Q3 2023 compared to the same period in 2022. This growth represents 43% of the brand's passenger car sales in Europe, underscoring the increasing popularity of electric vehicles.
Worldwide sales for the Renault Group reached 511,000 vehicles in Q3 2023, marking a 6.1% increase compared to Q3 2022. The Group's revenue for Q3 2023 was €10.5 billion, up 7.6% compared to Q3 2022.
Automotive revenue stood at €9.4 billion, up 5.0% compared to Q3 2022. Sales of the Renault brand worldwide reached nearly 357,000 units, up 11.0% compared to Q3 2022.
Renault Group has also made strides in the used car market, with a 21.0% increase worldwide over the first nine months of 2023. The group's LCV+PV sales by brand, when recalculated at constant exchange rates, were not specified in the provided text.
Dacia, another key player in the Renault Group, sold 494,000 units worldwide over the first nine months of 2023, up 16.7% compared to the same period in 2022. Dacia maintained its second place on the European sales podium for private customers over the same period.
Alpine, the luxury car brand under the Renault Group, reported more than 1,000 sales in the third quarter of 2023, up 31.0% compared to the third quarter of 2022.
Independent network stocks currently stand at 316,000 vehicles, while group stocks have decreased to 226,000 vehicles, meeting the goal of less than 500,000 vehicles by the end of the year.
Renault Group expects a Group operating margin in the second half above that of the first half, which was 7.6%. The company also confirmed its financial outlook for the 2023 fiscal year, with a Group operating margin between 7% and 8%. Renault Group expects free cash flow above or equal to €2.5 billion for the 2023 fiscal year.
The 2022 financial statements of Renault Group take into account the adjustments related to the first application of IFRS 17 "Insurance Contracts". However, the top 15 markets for Renault Group, excluding Twizy sales, as well as the group's consolidated revenue when recalculated at constant exchange rates, were not specified in the provided text.
The company that achieved a 24.8% increase in sales of the Renault model in Germany in the third quarter of 2023 was not directly named in the search results. Despite this, the strong performance across various markets and segments indicates a positive outlook for Renault Group in the remainder of 2023.
