Renault Group has reported a group revenue of €10.7bn ($11.55bn) for the third quarter of 2024, showing a 1.8% increase compared to the same period in the previous year. This growth translates to a 5% increase at constant exchange rates.
The automotive sector witnessed 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 in revenue.
Mobility Services contributed €14m to the Q3 2024 group revenue, showing growth from €11m in Q3 2023. Mobilize Financial Services also 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-year. 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, reflecting 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. The Renault brand’s sales amounted to 339,307 units in Q3 2024, a decrease of 4.9%.
Electrified vehicles represented 30.2% of Renault Group’s passenger car sales in Europe, with Renault brand’s electrified vehicles making up 46.8% of its European passenger car sales. All-electric vehicles accounted for 7.6% of the Group’s European passenger car sales.
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.
Renault Group 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. CFO Thierry Pieton commented on the performance, highlighting the impact of the product offensive and the ongoing transformation within the company.
In conclusion, Renault Group’s Q3 2024 results reflect a mix of challenges and opportunities in the automotive sector, with strategic plans in place to drive growth and adapt to changing market dynamics.
