Renault’s Indian Market Presence Grows with Over 32,000 Units Sold in 2024, Despite Global Headwinds

Renault Reports Steady Gains, Confirms Financial Outlook for Full-Year 2024

Renault Group has released its third-quarter 2024 results, revealing resilient sales growth across Europe and a positive outlook for the remainder of the year. The company reported revenues of €10.7 billion in Q3, marking a 1.8% increase year-over-year, or 5.0% growth at constant exchange rates. Renault’s commitment to an extensive product rollout has helped stabilize its position across global markets despite headwinds like currency fluctuations and fluctuating regional demands.

Renault’s Global Sales in India and Europe

Renault maintained solid traction in India, selling 32,167 units through September 2024, as part of its broader global strategy. In Europe, Renault remains a top automotive brand, ranking third overall and claiming first in light commercial vehicles (LCVs) and market leadership in France. Sales of the Renault Clio continue to perform well, making it the second-best-selling model across all European channels, while Dacia’s Sandero leads as Europe’s top-selling model.

Revenue Performance and Challenges in the Automotive Sector

Despite a challenging economic environment, Renault’s automotive revenue hit €9.3 billion in Q3, a slight 0.5% decline compared to the previous year. Exchange rate challenges in Argentina, Brazil, and Turkey slightly dampened overall performance, but Renault mitigated this with strategic product launches and pricing adjustments. The company’s product mix effect improved by 3.8 points, driven by new models such as Renault Scenic E-Tech electric and Dacia’s updated Duster.

Thierry Piéton, Renault Group’s CFO, stated, “Our Q3 revenue is starting to benefit from our unprecedented product offensive, with 10 new launches this year…demonstrating our flexibility to adapt to the pace of EV transition.” Renault remains poised to continue this trajectory into Q4, buoyed by a robust lineup of hybrid and electric models.

Expanding Sales Portfolio and Strong Order Book

In the first nine months of 2024, Renault Group’s total sales reached 1.63 million vehicles, just 0.4% below last year’s figure. European sales rose by 3.1%, supported by double-digit growth in Italy, Spain, and the UK. Renault has also built a solid European order book, equivalent to two months of forward sales, bolstered by its recent launches. Renault continues to strategically manage its inventory, reducing overall vehicle stock to 528,000 units as of September 30, aligning with seasonal patterns and product availability.

Financial Outlook and Future Launches

Renault reaffirmed its financial guidance for the full year, targeting an operating margin of at least 7.5% and free cash flow of over €2.5 billion. With seven new vehicle launches planned for 2025, including a mix of fully electric and hybrid models, Renault is accelerating its transition toward a more sustainable and competitive product lineup.

As Renault Group enters Q4, it will introduce additional models, including the Renault 5 E-Tech electric, Renault Symbioz, and the new Dacia Spring. Outside Europe, sales will gain momentum with the full-quarter impact of the Renault Kardian in Latin America and the Grand Koleos in South Korea, which has seen a promising initial response.

Innovation and EV Transition Drive Renault’s Strategy

Renault is pushing forward on the EV front, with nearly half of its European sales consisting of electrified vehicles, including both hybrids and fully electric models. This shift is expected to deepen as Renault launches more EV options to replace older models, positioning the company competitively amid Europe’s accelerating EV market.

Renault Group’s consolidated revenue

Renault Group’s top 15 markets at the end of September 2024