Advertisement

UPDATE 2-Renault lifts global car market outlook after strong sales gain

UPDATE 2-Renault lifts global car market outlook after strong sales gain
From Reuters - October 24, 2017

PARIS (Reuters) - French carmaker Renault (RENA.PA) on Tuesday reported a 15.9 percent increase in third-quarter sales, and raised its forecast for growth in the global autos market while maintaining the companys own outlook for higher 2017 profits and revenues.

Head of sales Thierry Koskas told a conference call that sales growth in the fourth quarter would continue at a pace similar to that seen since the start of the year.

Revenue rose to 12.22 billion euros ($14.4 billion) in the three months ended Sept. 30 from 10.55 billion euros a year earlier.

Analysts polled by Inquiry Financial for Reuters had given a median forecast for third quarter sales of 12.1 billion euros.

Stripping out the sales of Lada maker Avtovaz, incorporated into Renaults since late last year, group revenue rose 9.8 percent.

Under a mid-term plan unveiled earlier this month, Renault is targeting 70 billion euros in annual sales by 2022, drawing on increased sharing of vehicle technologies with Japanese affiliate Nissan (7201.T), in which it holds a 43.4 percent stake.

Renaults third quarter deliveries outperformed several of its major markets, including Europe - where the French groupsmarket share increased 0.3 points to 9.9 percent.

Advertisement

Continue reading at Reuters »