Renault Beats Revenue Estimates on Clio, Megane E-Tech Sales [BNN Bloomberg (Canada)]
RENAULT SA UNSP/ADR (RNLSY)
NASDAQ:AMEX Investor Relations:
group.renault.com/en/finance-2
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Source: BNN Bloomberg
Group revenue rose slightly to €11.7 billion ($12.5 billion), the French carmaker said Tuesday, exceeding analyst estimates of €11.4 billion. Renault confirmed its outlook for the year. Renault said fully electric and hybrids increased to 48% of its mix of sales, even as European carmakers have grappled with an slump in EV demand in the region. Higher interest rates, weaker economic growth and the phasing out of generous subsidies have all contributed to the downturn. The tough environment prompted Chief Executive Officer Luca de Meo earlier this year to abandon plans for the initial public offering of Renault's software and EV arm Ampere due to headwinds that included Tesla Inc.'s frequent price cuts and increased competition from Chinese manufacturers. “We are sticking to a policy of stable prices,” Chief Financial Officer Thierry Pieton told reporters on a call. “This said, we have managed to lower costs by quite a bit and we are making clients benefit from this. Our new mod
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