Driven by a rigorous commercial strategy and a strategic product launch, Europe experiences a growth of 21% in revenue so far this year.
Renault Group Reports Strong Q3 Performance
The Renault Group has announced impressive results for the third quarter of 2023, with a continued growth trajectory across various sectors.
Luca de Meo, the new CEO of the Renault Group, has led the company since January 1, 2023. Under his leadership, the Group's worldwide vehicle sales in Q3 2023 reached 511,000 units, marking an increase of 6.1% compared to Q3 2022.
The Renault brand saw a significant boost in sales, with nearly 357,000 units sold in Q3 2023, up 11.0% versus Q3 2022. In Europe, the brand's sales increased by 24.8% to 223,000 units.
Renault continues to outperform on the Light Commercial Vehicle (LCV) market, with a 21.0% growth worldwide on the 9 months and especially in Europe, where it increased by 25.5%.
The Dacia brand also recorded strong growth, with 494,000 units sold worldwide in the first 9 months of 2023, up 16.7%. The 4 flagships of Dacia posted increased sales over the same period: Spring (+40.6%), Sandero (+18.3%), Duster (+4.1%), and Jogger (+76.1%).
The Dacia Jogger Hybrid 140 now represents 1 out of 4 of Jogger orders, indicating a growing interest in hybrid vehicles.
Renault Group's consolidated revenue is not provided in the given paragraph, but the company has confirmed its 2023 FY financial outlook with a Group operating margin between 7% and 8%. The Group anticipates a Group operating margin in H2 above H1, which was at 7.6%.
The level of inventories is in line with a 2.5-month order book at the end of September 2023. The combined inventories are below the year-end objective of 500,000 vehicles. Independent dealers' inventories at the end of September 2023 are at 316,000 vehicles, while Renault Group's inventories stand at 226,000 vehicles.
Alpine recorded over 1,000 sales in Q3 2023, up 31.0% versus Q3 2022. The top 15 markets for Renault Group at the end of September 2023 are not specified in the given paragraph.
Lastly, Renault Group expects a free cash flow of superior or equal to €2.5 billion in 2023. The Group also reported a 22% volume increase in electrified passenger car sales in Q3 2023 versus Q3 2022, accounting for 43% of the brand's passenger car sales in Europe.
These results demonstrate Renault Group's resilience and growth potential in the global automotive market.
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