# Renault revenues rise 30% in Q1 on higher sales and prices
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-04-20
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Renault revenues surge 30% in Q1
Meta Description: Renault's revenue up 30% in Q1 due to higher sales and prices. New premium model launches boost sales. Company targets strong growth with focus on
URL: https://financedigest.com/renault-revenues-rise-30-in-q1-on-higher-sales-and-priceshtml

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# Renault revenues rise 30% in Q1 on higher sales and prices

PARIS (Reuters) -French car maker Renault said on Thursday revenues had grown by 30% in the first quarter thanks to a rebound in sales and higher prices.

Boosted by the launch of several premium models, including the electric version of Megane, Arkana and Austral, the group posted a 14.1% increase in sales over the period to 535,000 units, after four consecutive years of declines.

Revenues came in at 11.5 billion euros ($12.60 billion), compared with an analyst consensus of 11.08 billion euros provided by the company.

The carmaker, which was hit harder than most rivals by the COVID-19 [crisis and a global](https://www.financedigest.com/global-economic-crisis-strangling-progress-for-poor-warns-u-n-development-chief.html "Global economic crisis strangling progress for poor, warns U.N. development chief") chip shortage, is in the middle of a turnaround and is betting on higher-margin and electric cars to boost profits.

The [group is ramping up the launch](https://www.financedigest.com/facebook-backed-group-launches-misinformation-adjudication-panel-in-australia.html "Facebook-backed group launches misinformation adjudication panel in Australia") of new models to spur growth. It [plans to launch](https://www.financedigest.com/britain-launches-plan-to-ease-doctor-waiting-lists.html "Britain launches plan to ease doctor waiting lists") a SUV version of its Espace minivan and a restyling of its best seller Clio city car, and 12 new models in 2024.

Renault confirmed its targets for 2023, with the group operating margin seen at least at 6% and an automotive operational free cash flow of at least 2 [billion euros](https://www.financedigest.com/mercedes-benz-to-buy-back-up-to-4-billion-euros-in-shares-by-2025.html "Mercedes-Benz to buy back up to 4 billion euros in shares by 2025").

It said its orderbook in [Europe stood at 3.3 months of sales at the end](https://www.financedigest.com/factbox-europes-travel-disruption-set-to-continue-as-summer-ends.html "Factbox-Europe’s travel disruption set to continue as summer ends") of Q1, and would remain above the target of 2 months through 2023. Overall [sales in Europe rose by 27.3% in the first three months of the year](https://www.financedigest.com/tods-sales-rise-17-in-first-half-of-year.html "Tod’s sales rise 17% in first half of year"), outperforming a 16.2% average increase for the market.

An early mover in the EV race which then struggled in the face of Tesla’s [stellar growth](https://www.financedigest.com/the-antibody-library-technology-market-is-likely-to-mark-stellar-growth-in-the-upcoming-period.html "The Antibody Library Technology Market is likely to mark stellar growth in the upcoming period"), Renault said earlier this week it would review prices worldwide after its U.S. rival slashed prices in the United States, [China and Europe](https://www.financedigest.com/unilever-downbeat-on-europe-china-consumer-sentiment.html "Unilever downbeat on Europe, China consumer sentiment").

Renault ranked as the third EV [brand for sales in Europe behind Tesla](https://www.financedigest.com/byd-set-to-be-chinas-top-selling-car-brand-for-nov-tesla-gains-data.html "BYD set to be China’s top-selling car brand for Nov, Tesla gains -data") and Volkswagen last year.

($1 = 0.9127 euros)

(Reporting by Gilles Guillaume, editing by Silvia Aloisi)


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