Renault topped revenue estimates, helped by pricier new models
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Renault’s Q3 2024 revenue rose 1.8% y/y to 10.7 billion euros, exceeding analysts estimate of 10.35 billion euros.
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Renault said pricing was stable while product mix effect was strong.
“Our Q3 revenue is starting to benefit from our unprecedented product offensive, with 10 new launches this year, representing 18% of our invoices over the quarter,” Renault said.
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Renault CFO Thierry Pieton told journalists that the product offensive this year is bringing up average price, which should continue into 2025.
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Unlike some of its competitors, Renault is not facing supplier problems or inventory management issues.
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Renault is also Europe’s 2nd hybrid leader. In Q3, electrified vehicles accounted for 30.2% of Renault Group’s passenger car sales with fully-electric vehicles accounting for 7.6%. Hybrid vehicles demand in Europe is high compared to a slump in BEVs demand.
“In terms of potential difficulties at the end of the year, the order book is pretty good, we have a big quarter ahead of us, at this stage it is simply execution,” Pieton told journalists.