Renault Group powers ahead with electric vehicle sales surge in Q1 2024

  • Renault Group electric vehicle sales surged in Q1 2024, driving global growth.
  • Electric and hybrid vehicles accounted for 48% of total sales, with significant increases in both Renault and Dacia brands.
  • The group commits to its electric future, targeting an operating margin of ≥7.5% and a free cash flow of ≥€2.5 billion.

Renault Group reports impressive wins in Q1 2024, with electric vehicle sales pushing the brand forward

Renault Group is rapidly charging into the electric vehicle (EV) market. This is evidenced by its robust performance in the first quarter of 2024. The group’s strategic focus on electrification has yielded significant results, driving sales growth and revenue expansion.

In Q1 2024, Renault Group reported a commendable 2.6% increase in global sales compared to the same period in 2023. Notably, the European market witnessed a remarkable 4.3% uptick in sales. This underscores the region’s growing appetite for emobility.

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Revenue for the quarter reached €11,707 million, marking a 1.8% rise over Q1 2023. Despite a slight dip in automotive revenue, which stood at €10,446 million, down 0.7% compared to the previous year’s Q1, the focus on electric vehicles drove a notable 3.6% increase at constant exchange rates.

Renault Group’s commitment to electrification is evident in its commercial strategy.

Electric and hybrid vehicles accounted for an impressive 48% of total sales. This represents a significant increase from the previous year.

Renault itself saw a 3.1% increase in worldwide sales, with electric vehicles playing a pivotal role in driving growth. In Europe, where Renault retained its podium position, electric vehicle sales surged, comprising 10.5% of total sales.

Additionally, Renault’s success extended to its light commercial vehicle (LCV) segment, with electric LCVs gaining traction in the market. The company’s forward-thinking approach to emobility is reflected in its upcoming launches. This includes highly anticipated electric models such as the Scenic E-TECH electric and Renault 5 E-TECH electric. Furthermore, the Group’s substantial investment in its new LCV endeavour, Flexis SAS, is accelerating this market success.

Dacia, another brand under the Renault Group umbrella, experienced a 3.6% sales growth in Europe. This was driven in part by the increasing popularity of its electric offerings. The upcoming launch of the ultra-affordable Dacia Spring further underscores the group’s commitment to democratising emobility.

Renault Group remains committed to its electric future, with a financial outlook for 2024 that emphasises continued investment in electrification. With an operating margin target of ≥7.5% and a free cash flow target of ≥€2.5 billion, the group is accelerating its electric transformation. In doing so, it’s solidifying its position as a leader in the EV landscape.

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