Profitable Increase of 21% Over Nine Months Attributed to Rigorous Trade Policies and Aggressive Strategies
Renault Group Reports Strong Q3 2023 Performance
The Renault Group has announced its financial results for Q3 2023, showcasing a robust performance across various sectors.
The French automaker has confirmed its financial outlook for 2023, anticipating a Group operating margin between 7% and 8%, and free cash flow above or equal to €2.5 billion. The Group's stock market level decrease from 569,000 units at the end of June 2023 aligns with the goal of maintaining stock levels below 500,000 vehicles by the end of the year.
In the European market, Renault Group experienced a growth of 15.3%, with the Renault brand alone growing by 24.8% to 223,000 units. Renault has also recorded a 22% increase in its electric vehicle sales in Q3 2023 compared to the same period in 2022, accounting for 11% of Renault's passenger vehicle sales in Europe.
Dacia, a subsidiary of the Renault Group, maintained its 2nd place on the European podium for sales to private customers over the first nine months of 2023. The brand sold 494,000 units worldwide, up 16.7% over the same period, with a notable 2nd place position in sales to European private customers.
The Group's light commercial vehicle (LCV) segment also saw significant growth, with Renault continuing to outperform on the market, achieving a 21.0% growth worldwide over 9 months. Alpine, another subsidiary, recorded over 1,000 sales in Q3 2023, up 31.0% compared to Q3 2022.
The order portfolio remains at 2.5 months of projected sales as of September 30, 2023. However, the Renault Group VP+LCV sales by brand, as of the provided paragraph, are not specified.
BYD had the largest share of electric vehicle sales in Europe in the third quarter of 2023. The total stock of vehicles for the Renault Group (including independent network) stands at 542,000 units as of September 30, 2023. The Group's stock stands at 226,000 units, while independent network stocks amount to 316,000 units.
It's worth noting that the Renault Group's consolidated revenue for 2022 reflects adjustments related to the first-time application of IFRS 17 "Insurance Contracts". The top 15 markets for Renault Group, excluding Twizy sales, as of September 30, 2023, are not specified in the provided paragraph.
Renault Group expects a Group operating margin in the second half of 2023 to be above that of the first half, which was 7.6%. The Group remains optimistic about its future prospects, aiming to maintain its growth trajectory and further strengthen its position in the global automotive market.
