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Revenue Slides 9% at Renault
Renault SA generated €9.5 billion in revenue in the first three months of 2012 compared with €10 billion a year earlier.
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Renault SA generated €9.5 billion in revenue in the first three months of 2012 compared with €10 billion a year earlier. The company notes auto sales in Europe and especially in France were weaker than expected in January-March period.
Renault's automotive revenue dropped 10% to €9 billion as the company's worldwide sales declined 8% to 638,500 units. Group vehicle sales fell 20% in Europe and 30% in France, compared with industrywide declines of 8% and 19%, respectively, in those markets. Group volume outside Europe jumped 12%.
Renault's finance arm contributed €522 million in revenue, up 12% year on year.
The carmaker now expects the European auto market to shrink 3%-4% in 2012 compared with its earlier forecast of a decline of 5% or more.
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