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Renault’s Third-Quarter Revenue Drops 6%
Slumping demand in emerging markets caused Renault SA’s revenue to shrink 6% to €11.5 billion ($13.2 billion) in the third quarter.
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Slumping demand in emerging markets caused Renault SA’s revenue to shrink 6% to €11.5 billion ($13.2 billion) in the third quarter.
The company, whose preliminary report cites percentages but not unit totals, says its sales in July-September grew 3%, including units sold by its joint ventures in China.
Renault reports 9% growth in registrations in Europe. But sales slipped 2% in the rest of the world—or 10% when results from China are ignored. Third-quarter sales plunged in Argentina (-25%), India (-35%) and Turkey (-53%). The company also suspended sales entirely in Iran.
Renault confirms its full-year guidance for higher revenue and an operating margin greater than 6%. But it now expects the global car market will expand by 2% instead of 3% this year, including 2% growth for China instead of the 5% estimated earlier.
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