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4/22, 7:36 AM (Source: TeleTrader)
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Renault's revenue declines 2.7% to €9.7B in Q1

Renault Group said on Friday its revenue in the first quarter of 2022 decreased 2.7% year on year to €9.7 billion, but still came in above estimates.

The carmaker's global sales amounted to 552,000 vehicles, dropping 17.1% compared to the same period a year earlier. However, the company added its order book in Europe stood at a 15-year high.

"In a market environment severely disrupted by the conflict in Ukraine, the semiconductor crisis and inflation, Renault Group is continuing its recovery and accelerating the implementation of its strategy," CFO Thierry Pieton said. "Our sales on the most profitable channels continue to grow and the Group's proactive commercial policy deployed since mid-2020 is bearing fruit. In addition, the E-TECH lineup is becoming more and more successful. The order book, at a record level, is strengthening and benefiting from our promising and competitive line-up of new vehicles," he added.

Baha Breaking News (BBN) / NP