Renault Group Reports Strong Q1 2024 Results with 5.9% Revenue Growth

Renault reports strong Q1 2024 performance, driven by new model launches like the Renault 5 EV, showcasing resilience in the competitive auto industry.

Mahnoor Jehangir
Updated On
New Update
Renault Group Reports Strong Q1 2024 Results with 5.9% Revenue Growth

Renault Group Reports Strong Q1 2024 Results with 5.9% Revenue Growth

Renault Group announced a robust financial performance for the first quarter of 2024, with revenue increasing by 5.9% at constant exchange rates, reaching €11.7 billion. The company also saw a 2.6% rise in global sales, totaling 549,099 units during the quarter.

The strong results were driven by Renault's optimistic outlook and plans to launch 10 new models this year, including the highly anticipated Renault 5 EV, which will be offered with various battery and motor configurations. The company has focused its strategy on reducing production costs for new models rather than lowering selling prices, a different approach compared to Tesla.

Why this matters: Renault Group's strong financial performance and ambitious product launch plans demonstrate the company's resilience and adaptability in the highly competitive automotive industry. The success of the upcoming models, particularly the Renault 5 EV, could significantly impact Renault's market position and the broader adoption of electric vehicles.

Renault is also accelerating its transition to electric vehicles, with its subsidiary Dacia reporting an increase in sales of the Spring EV model. The company is confident in its ability to meet the European Union's target of reducing new carbon emissions by 2025 through increased sales of electric and hybrid vehicles.

Luca de Meo, CEO of Renault Group, expressed his satisfaction with the company's performance, stating, "Our strong results in the first quarter of 2024 reflect the hard work and dedication of our teams across the globe. We are excited about the upcoming product launches and remain committed to our strategy of delivering affordable, sustainable mobility solutions to our customers."

Key Takeaways

  • Renault Q1 2024 revenue up 5.9%, global sales up 2.6% to 549,099 units.
  • Renault to launch 10 new models in 2024, including highly anticipated Renault 5 EV.
  • Renault focuses on reducing production costs rather than lowering selling prices.
  • Renault accelerating EV transition, Dacia Spring EV sales increase.
  • Renault confident in meeting EU 2025 emissions target through EV and hybrid sales.