Renault's Electrifying Comeback: 9% Global Sales Surge Signals Automotive Renaissance

Renault SA (OTC:RNLSY) reported a strong global sales volume growth of 9.0% to 2,235,345 vehicles in 2023.

By brand, Renault sales volume increased by 9.4% Y/Y to 1,548,748 vehicles, led by outperformance in Europe (+19.3% Y/Y); Dacia volume rose 14.7% Y/Y to 658,321 units; and Alpine volumes increased 22.1% Y/Y to 4,328 vehicles.

In Europe, the company witnessed volume growth of 18.6% vs. industry growth of 13.9%, benefiting from its product offensive by gaining market share.

Renault stated electrified models represented 39.7% of Renault brand sales in 2023 vs. 38% in 2022.

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In 2024, Renault expects European and Latin American automotive markets to be stable, and Eurasia to decline by 11%.

The company expects to expand Renault brand’s all-electric portfolio in 2024 by launching Scenic E-Tech electric and Renault 5 E-Tech electric.

The French automaker returned to growth after four consecutive years of decline and expects it to continue performing well in 2024, reported Reuters.

“We are regaining our attractiveness (…) our design is improving, and we also see this in our conquest rates. The plan is to continue at this same level of performance” in 2024.” said Fabrice Cambolive, Renault brand general manager, told reporters.

Price Action: Renault shares closed lower by 1.40% at $7.41 on Tuesday.

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