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Renault’s Revenue Slips 3%
Renault Group says its revenue in the third quarter dropped to €8 billion from €8.3 billion a year earlier.
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Renault Group says its revenue in the third quarter dropped to €8 billion from €8.3 billion a year earlier. The company blames unfavorable exchange rates and a collapse of demand in Iran.
Unit sales grew 3% to 614,900 vehicles in July-September, including a 10% increase in Europe. The group says sales by its Dacia brand set a quarterly record, but the company did not report specific results.
Renault notes that the region's ailing market expanded nearly 3% in the third quarter. The company's own new-car registrations jumped 28% in Italy, 30% in Spain and 43% in the U.K. Its sales declined 3% in Germany. Renault did not report actual unit sales for any of those markets.
Registrations outside Europe, which account for 52% of the company's volume, fell 3% because of a 23,000-unit drop in Iran. When that market is excluded, third-quarter sales rose 5%.
Renault says its new-vehicle registrations climbed 18% in Russia, 16% in South Korea and 3% in the Mediterranean region in the third quarter. Sales were flat in India.
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