Industria
Renault Group 2024 Q3 revenue: +5.0% at constant exchange rates; FY 2024 financial outlook confirmed
20241024_Press release_Renault Group_2024 Q3 Revenue
Renault Group 2024 Q3 revenue:
+5.0% at constant exchange rates
FY 2024 financial outlook confirmed
“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. This trend will continue over the next quarters in line with the gradual introduction of vehicles on their respective markets and will accelerate further with the 7 new launches planned for 2025.
This appealing and competitive line-up, with both electric and ICE & hybrid vehicles, demonstrates our flexibility to adapt whatever the pace of EV transition and remains a key support for the Group's performance together with cost reduction.
In this challenging environment, we are accelerating our in-depth transformation with committed teams, to improve our agility and build our next chapter“ said Thierry Piéton, Chief Financial Officer of Renault Group .
Boulogne-Billancourt, France, October 24, 2024
Third quarter revenue
Group revenue for 2024 Q3 amounted to €10,701 million, up 1.8% compared to 2023 Q3. At constant exchange rates , Group revenue was up 5.0%.
Automotive revenue reached €9,347 million, down -0.5% compared to 2023 Q3. It included -3.1 points of negative exchange rates effect (-€289 million) mainly related to the devaluation of the Argentinean peso, the Brazilian real and to a lesser extent to the Turkish lira. At constant exchange rates , it increased by 2.6%. This evolution was mainly explained by the following:
Mobility Services contributed €14 million to 2024 Q3 Group revenue compared to €11 million in 2023 Q3.
Mobilize Financial Services posted revenue of €1,340 million in 2024 Q3, up 21.6% compared to 2023 Q3, due to higher interest rates and to the increase of average performing assets (at €56.5 billion) which improved by 8.5% compared to 2023 Q3.
As of September 30, 2024, total inventories (including the independent network) represented 528,000 vehicles (down 14,000 units year-on-year):
The level of total inventories at the end of September was in line with the normal seasonal evolution and the ramp-up in the Group's new products launches. Furthermore, it is supported by a sound orderbook at around 2 months of forward sales at the end of September.
2024 FY financial outlook
Renault Group confirms its 2024 FY financial outlook:
Commercial results highlights
In 2024 Q3, Renault brand's sales totalled 339,307 units, down -4.9%. In 2024 Q4, Renault brand will benefit from the ramp-up of its numerous launches, addressing both the European and the international markets.
In 2024 Q3, the brand's performance was down (-3.8%) with 142,431 vehicles sold. This is explained by the transition between the Spring and Duster generations. The very good level of orders for All-New Duster confirms the positive outlook for the coming quarters.
Alpine is off to a good start in terms of orders for its new A290 model, a hot hatch which will arrive in dealerships in France during the 4 quarter. The brand will also open three new stores, bringing the total number of Alpine Stores worldwide to 160.
Renault brand's electrified vehicles accounted for 46.8% of its PC sales in Europe (+7.8 points compared to the same period in 2023). The brand continued to grow on this market, with a market share of 7.4%, up 1.0 point. Renault brand ranked 2 on the hybrid vehicle market in Europe.
All-electric vehicles accounted for 7.6% of Renault Group's PC sales in Europe (and 11.6% for Renault brand PC sales). This was down, as expected, in a year of transition marked by the discontinuation of Zoe and Twingo electric and the generation transition of Dacia Spring. Renault Group is launching a full range of electric vehicles symbolized by Scenic E-Tech electric, Renault 5 E-Tech electric, Alpine A290, New Dacia Spring, Renault 4 E-Tech electric and Alpine A390, which will support Renault Group's EV penetration.
Renault Group's consolidated revenue
Renault Group's top 15 markets at the end of September 2024
2024 Q3 Revenue Conference
Link to follow the conference on October 24, 2024, from 8:00am CEST and available in replay: 2024 Q3 conference streaming
About Renault Group
Renault Group is at the forefront of a mobility that is reinventing itself. Strengthened by its alliance with Nissan and Mitsubishi Motors, and its unique expertise in electrification, Renault Group comprises 4 complementary brands - Renault, Dacia, Alpine and Mobilize - offering sustainable and innovative mobility solutions to its customers. Established in more than 130 countries, the Group has sold 2.235 million vehicles in 2023. It employs more than 105,000 people who embody its Purpose every day, so that mobility brings people closer.
Ready to pursue challenges both on the road and in competition, Renault Group is committed to an ambitious transformation that will generate value. This is centred on the development of new technologies and services, and a new range of even more competitive, balanced, and electrified vehicles. In line with environmental challenges, the Group's ambition is to achieve carbon neutrality in Europe by 2040.
www.renaultgroup.com
1 In order to analyze the variation in consolidated revenue at constant exchange rates, Renault Group recalculates the revenue for the current period by applying average exchange rates of the previous period.
2 Light Commercial Vehicles, excluding pick-up trucks.
3 In order to analyze the variation in consolidated revenue at constant exchange rates, Renault Group recalculates the revenue for the current period by applying average exchange rates of the previous period.
4 Scope : ACEA Europe.
5 Scope : ACEA Europe.
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