Renault Group reported a solid performance in the first quarter of 2024, with a notable increase in group revenue and vehicle sales. The Group's revenue reached €11.7 billion, marking a 1.8 per cent increase from the same period in 2023 and a 5.9 per cent rise when adjusted for constant exchange rates.
Vehicle sales across the Group totalled 549,099 units, showing growth of 2.6 per cent compared to the first quarter of the previous year. The performance in Europe was particularly strong, where sales increased by 4.3 per cent, with Renault maintaining its third position in the market by selling 391,490 units. This growth was propelled by the successful sales of Renault's C-segment vehicles, including models like the Arkana, Megane E-Tech electric, Austral and Espace E-Tech Hybrid (a car not sold in Ireland).
Electrification continues to be a major focus for Renault, with hybrid and electric vehicles (EVs) comprising 48 per cent of its sales in Europe, an increase of 8 percentage points from the first quarter of 2023. Sales of electric passenger cars accounted for 10.5 per cent of the total mix, driven by the ongoing success and anticipation for new models such as the Scenic E-Tech electric, Renault 5 E-Tech electric, and Renault 4 E-Tech electric.
Renault's performance is further bolstered by its Light Commercial Vehicles (LCV) segment, particularly in Europe, where sales grew by 12.9 per cent to 76,354 units, outpacing overall market growth.
Looking ahead, 2024 is poised to be a big year for Renault with the planned launch of 10 new models across its marques, including seven under the Renault brand. These launches are expected to include two all-electric vehicles and two new hybrid models in Europe, reflecting Renault's ongoing commitment to the electrification of its fleet.
In addition, Renault Group's Mobilize Financial Services reported a 27.9 per cent increase in revenue to €1.246 billion, attributed to higher interest rates and a rise in average-performing assets, which climbed by 9.8 per cent compared to the previous year.
With these strong Q1 results, Renault Group reaffirms its 2024 financial outlook, anticipating a group operating margin of at least 7.5 per cent and a free cash flow of more than €2.5 billion.