Renault Group 2024 Q3 revenue: +5.0% at constant exchange rates; FY
2024 financial outlook confirmed
Press Release
October 24, 2024 |
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20241024_Press release_Renault Group_2024 Q3 Revenue
Renault Group
2024 Q3 revenue:
+5.0% at constant exchange
rates
FY 2024 financial outlook
confirmed
- 2024
9-months:
- Group revenue at €37.7 billion, +0.8% vs 2023
9m, +3.7% at constant exchange rates1
- Auto revenue at €33.7 billion, -1.5% vs 2023
9m, +1.1% at constant exchange rates1
- 2024
Q3:
- Group revenue at €10.7 billion, +1.8% vs 2023
Q3, +5.0% at constant exchange rates1
- Auto revenue at €9.3 billion, -0.5% vs 2023
Q3, +2.6% at constant exchange rates1
- Continuous improvement in the product mix
effect at +3.8 points
- Strong
automotive brands:
- Renault brand #3 in Europe, #1 in LCVs2, #1 in
France. Clio #2 best-selling car across all channels in Europe
- Dacia #9 in Europe passenger cars (PC) and on the podium of
European PC retail sales. Sandero #1 best-selling car across all
channels in Europe
- Alpine achieved a high double-digit growth year-to-date, before
product offensive
- Solid
orderbook in Europe at around 2 months of forward sales,
reflecting the sound order intake and ahead a strong Q4
- Disciplined
management of total inventory level: 528ku at September
30, 2024 (down 14ku yoy)
- Renault
Group confirms its 2024 financial outlook:
- A Group operating margin ≥7.5%
- A free cash flow ≥€2.5bn
“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 rates3, 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 rates1, it increased by 2.6%. This evolution
was mainly explained by the following:
- A stable
price effect of +0.2 points, as expected,
reflecting the entry into a phase of price stabilization. Renault
Group aims to offset negative currency by pricing actions while
giving a portion of its cost reduction back to its customers mostly
through content. Thereby, it further supports the competitiveness
of the Group’s vehicles while protecting margins.
- A positive
product mix effect of +3.8 points explained by the
first benefits of Renault Group’s new models’ ramp-up across
Renault (Scenic E-Tech electric, Symbioz, Rafale) and Dacia
(Duster) brands. This gradual improvement compared to the previous
quarters of the year will continue in line with the Group’s dynamic
launches.
- A slightly negative
geographic mix of -1.2 points, explained by the
ramp-up of Kardian in Brazil and penalized by the weaker
registrations in France and Germany over the quarter.
- A negative
volume effect of -3.1 points with a 5.6% decrease
in registrations which was partially offset by a lower destocking
of the independent dealer network over the quarter compared to 2023
Q3 (destocking by 93k units in 2023 Q3 and 72k units in 2024 Q3).
This destocking, while still significant, is back in line with
regular seasonal patterns for a third quarter.
- A negative
sales to partners effect of -2.1
points, reflecting a transition year before the launches of new
vehicles for Renault Group’s partners, starting with the New Nissan
B-segment electric vehicle in 2025.
- A positive
”Other” effect of +5.0 points,
primarily related to the solid performance of Retail Renault Group
(RRG) activity and parts and accessories.
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):
- Group inventories at 231,000
vehicles
- Independent dealer inventories at
297,000 vehicles
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:
- Group operating margin
superior or equal to 7.5%
- Free cash flow superior or
equal to €2.5bn
Commercial results highlights
- In the
first nine months of 2024, Group’s sales were stable
compared to the same period in 2023 with 1,637,225 vehicles sold
(-0.4%). In Europe4, the Group sold 1,175,762 vehicles
(+3.1%) and grew faster than the market (+1.8%). All Group’s brands
contributed to the growth (Renault brand up 3.5%, Dacia up 2.2% and
Alpine up 17.5%), and outperformed the market.
- In 2024 Q3,
the Group’s worldwide sales reached 482,468 vehicles
(-5.6%). In Europe1, in a market down -6.1%, the Group
registered 328,111 vehicles (-5.3%) and confirmed its
3rd position with a 9.8% market share. Renault Group’s
sales were up and outperformed the market in Italy (+16.6%), Spain
(+11.9%) and the United Kingdom (+11.4%), partially offsetting a
lower activity in France and Germany. Outside Europe, the Group’s
registered 150,217 vehicles (-5.8%).
- Renault
brand pursued its growth over the first nine months of
2024 with 1,126,560 vehicles sold worldwide. It grew in its main
markets:
- In Europe1, the brand
was ranked 3rd with sales reaching 740,314 units, up
3.5% which represented a 6.6% market share. Renault brand’s sales
rose notably in Italy (+16.2%), Spain (+10.6%), the United Kingdom
(+24.3%) and France (+1.1%), where Renault confirmed its market
leadership. Renault Clio, whose sales in Europe rose by 5.6%, moved
up 3 places to become the 2nd best-selling model across
all channels. The brand consolidated its leadership in the European
LCV market, excluding pick-ups, with sales up 9.9%.
- Outside Europe, thanks to its
International Game Plan 2027, Renault brand’s sales
were up 6.0% in Brazil, benefitting from the successful launch
of Renault Kardian, and were up 3.9% in Türkiye with the start
of the New Renault Duster.
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.
-
Dacia sold 500,957 vehicles worldwide in the first
nine months of 2024, representing a 1.5% growth compared to the
same period in 2023. In Europe5, with 432,332 vehicles
sold (+2.2%), the brand moved up 2 places in the Passenger Car (PC)
market to rank 9th. It consolidated its position on the
European PC retail sales podium, the brand’s core customer base.
Dacia recorded notably strong performances in Italy (+15.0%) and
Spain (+14.6%). It maintained a solid 3rd place on the
French PC market in a context of line-up renewal with the arrival
of All-New Duster and New Spring. Dacia Sandero, with sales up
16.3% in the first nine months of 2024, is Europe's #1 best-selling
model across all channels.
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 sold a total of 3,333 A110 in the first
nine months of 2024. It represented a 16.5% growth compared to the
previous year. The mix was particularly high with more than 80% of
vehicles sold on high trim versions. In Europe, the brand grew in
its main markets: +21.5% in France, +19.5% in Germany and +17.6% in
the United Kingdom.
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 4th quarter. The brand
will also open three new stores, bringing the total number of
Alpine Stores worldwide to 160.
- A
commercial strategy focused on value that continues to deliver
results. In 2024 Q3:
- Retail sales
accounted for 67.8% of the total number of vehicles sold in the
Group’s five main European countries (more than 23 points above the
market), up versus the first two quarters of 2024. The Group had 4
vehicles in the top 10 retail sales rankings in Europe: Sandero,
Duster, Clio and Captur. In Europe, the Renault brand sold more
than one in every two sales to retail customers, and Dacia reached
an 85% share of its sales on retail.
- In C-segment and
above, the Renault brand accelerated (42.4% of brand
sales, up 1.6 points), driven in particular by Austral and Espace
E-Tech Full hybrid, which high-trim versions were the most popular,
and before benefitting from the effects of Scenic E-Tech electric,
Symbioz and Rafale.
- Electrified
vehicles accounted for 30.2% of Renault Group’s PC sales
in Europe (+3.4 points compared to the same period in 2023). This
performance was explained by the very strong growth in hybrid sales
which were up +52.4% compared to the same period in 2023.
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 2nd 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 sales in 2024 Q4 will be strengthened by the
progressive deployment of 7 new vehicles across European countries:
Renault 5 E-Tech electric, New Renault Captur, Renault Symbioz, New
Renault Master (awarded International Van Of The Year 2025), New
Dacia Spring, All-New Dacia Duster and Alpine A290. Outside Europe,
Renault brand’s sales will be boosted by the first full quarter of
sales of Kardian in Latin America, New Renault Duster in Türkiye
and Grand Koleos in South Korea. The latter is off to an excellent
start in the country.
Renault Group's consolidated revenue
|
(in million euros) |
2023 |
2024 |
∆ %
vs. 2023 |
∆ % vs. 2023
at constant FX |
|
3rd
quarter |
|
|
|
|
|
Automotive |
9,394 |
9,347 |
-0.5% |
+2.6% |
|
Mobility Services |
11 |
14 |
+27.3% |
+27.2% |
Sales Financing
(Mobilize Financial Services) |
1,102 |
1,340 |
+21.6% |
+25.6% |
|
Total |
10,507 |
10,701 |
+1.8% |
+5.0% |
|
9 months cumulated |
|
|
|
|
|
Automotive |
34,244 |
33,719 |
-1.5% |
+1.1% |
|
Mobility Services |
32 |
45 |
+40.6% |
+40.0% |
Sales Financing
(Mobilize Financial Services) |
3,080 |
3,895 |
+26.5% |
+32.2% |
|
Total |
37,356 |
37,659 |
+0.8% |
+3.7% |
Renault Group's top 15 markets at the end of
September 2024
Year to date September 2024
|
Volumes |
PC + LCV |
|
(in units) |
market share (in %) |
|
1 |
FRANCE |
400,839 |
25.8 |
|
2 |
ITALY |
156,807 |
11.6 |
|
3 |
TÜRKIYE |
118,621 |
14.0 |
|
4 |
SPAIN |
107,592 |
12.4 |
|
5 |
GERMANY |
104,939 |
4.5 |
|
6 |
BRAZIL |
92,457 |
5.3 |
|
7 |
UNITED KINGDOM |
90,438 |
5.1 |
|
8 |
MOROCCO |
48,715 |
39.6 |
|
9 |
BELGIUM+LUXEMBOURG |
48,201 |
10.8 |
|
10 |
ROMANIA |
45,822 |
35.0 |
|
11 |
POLAND |
37,808 |
8.4 |
|
12 |
INDIA |
32,167 |
0.9 |
|
13 |
NETHERLANDS |
30,541 |
8.7 |
|
14 |
PORTUGAL |
27,256 |
15.0 |
|
15 |
ARGENTINA |
26,459 |
9.0 |
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
RENAULT
GROUP INVESTOR
RELATIONS |
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Philippine de
Schonen
+33 6 13 45 68 39
philippine.de-schonen@renault.com
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RENAULT
GROUP
PRESS
RELATIONS |
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Rie Yamane
+33 6 03 16 35 20
rie.yamane@renault.com |
François
Rouget
+33 6 23 68 07 88
francois.rouget@renault.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.
- 20241024_Press release_Renault Group_2024 Q3 Revenue
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