Summary: French carmaker Renault reports a 7.6% increase in revenues in Q3, attributed to the sales of higher-priced models. However, forex fluctuations have impacted the pace of growth.
Renault announced that its revenues for the third quarter have risen by 7.6%. The increase is primarily attributed to the sales of higher-end market models. However, the company acknowledged that foreign exchange fluctuations have had a negative impact on the growth rate. Despite this, revenues amounted to 10.51 billion euros, slightly above the analyst consensus forecast. The positive effect of higher-priced models being sold in the quarter was almost offset by currency depreciations in Turkey and Argentina. On the other hand, world sales by volume grew at a slower pace of 6.1% compared to the first half of the year. This was due to a significant reduction in inventories at independent dealers, resulting from improvements in the supply chain and logistics conditions.
Tags: Renault, car industry, revenues, sales growth, higher-priced models, foreign exchange fluctuations