Renault announced this Tuesday that it billed €11,707 million in the first three months of 2024, which represents a growth of 1.8% compared to the same period last year, but discounting the negative effect of currency devaluation such as the Argentine peso and the Turkish lira, the increase represents 5.9%.
In a statement, the French group revealed that between January and March it sold 549,099 vehicles worldwide, 2.6% more than in the same months of 2023, reporting revenues of €10,446 million for its automotive division.
The turnover of that division fell by 0.7% in raw data due to the effect of the devaluation of important currencies for the brand’s business – Argentina and Turkey – which subtracted €447 million, but in comparable data it increased by 3.6%.
According to Renault, this progression was due, first and foremost, to what the French brand calls a “commercial policy focused on increasing value and prices” to compensate for currency devaluations.
Thus, sales to individuals, which offer higher profitability, represented 66% of the total and sales of hybrids and electric vehicles together represented 48% for the Renault brand, eight percentage points more than a year earlier.
However, purely electric vehicles represented 10.5% of the Renault brand in the first quarter of the year, when in the same period of the previous year they accounted for 11%.
The financial director of the French group, Thierry Pieton, stated that the percentage of electric vehicles will increase in the coming months benefiting from the launch of new models. It should be noted that Renault has 10 launches planned by the end of 2024 in all types of engines.
“The first quarter revenue continues to illustrate the rigorous application of our value-focused commercial policy. The strong order book at the end of March and our upcoming launches will provide a sequential acceleration of activity. Together with an increase in cost reduction, they will drive our financial performance”, emphasized Thierry Pieton.
