Renault Details An Increase In Revenue In The First Quarter

Sales at Audi have increased by 14.1% during this time. The company reiterated its goals for the year 2023, which included an automotive operational free cash flow of at least 2 billion euros and a group operating margin of at least 6%.

The French automaker announced on Thursday April 20 that, higher prices and a rebound in sales contributed to a 30% increase in revenue in the first quarter.

After four years of declines, the group saw an increase in sales to 535,000 units over the course of the period, boosted by the introduction of a number of high-end models, such as Megane, Arkana, and Austral, all of which were available in electric versions.

The company provided revenue figures of 11.5 billion euros, or 12.60 billion dollars, in contrast to the analyst consensus of 11.08 billion euros.

The carmaker, which was hit harder than most competitors by the Coronavirus crisis and a global chip lack, is in the middle of a turnaround and is betting on higher-margin and electric cars to boost profits.

BMW Releases Its Latest Hydrogen Cars

The group is inclining up the launch of new models to spike growth. In 2024, it intends to introduce 12 new models, including an SUV version of its Espace minivan and a redesign of its most popular Clio city car.

At the end of the first quarter, it said that its orderbook in Europe had 3.3 months of sales, which was higher than the goal of 2 months until 2023. In the first three months of the year, overall sales in Europe increased by 27.3%, exceeding the average increase of 16.2% in the market.

After its American rival reduced prices in China, Europe, and the United States, Renault announced earlier this week that it would review prices worldwide.

In Europe, Renault came in third behind Tesla and Volkswagen in terms of sales in 2022.