How does Renault restart after the skid in Russia?
Renault's financial results confirm the stability of the leadership of the Italian CEO Luca de Meo (who for some German and French media could succeed Tavares in Stellantis). Last month the number 1 of Losanga, who is also at the top of Acea, wrote a letter to Brussels inviting it to take measures against the Chinese and in favor of European industrialists
Renault, it is known, is one of the Western car manufacturers to have suffered the most from the current geopolitical situation which has led to the breakdown of relations with Moscow . However, the Losanga Group's accounts are not affected too much, having increased revenues in the first quarter of 2024, also thanks to the growth in sales.
HOW MANY CARS HAS RENAULT SOLD?
The French brand managed to place 549,099 cars in the first quarter of 2024, equal to an increase of 2.6% compared to 2023. Renault is the third best-selling manufacturer in the Old Continent with 391,490 units sold, up by 4%. 3%, and maintains a strong order book on the continent, with 2.5 months of forward sales. Since it “reflects the success of the products and the excellent start to the year,” the company explained in a statement.
A slight decrease of 0.7 percent instead for the turnover to 10.45 billion, due – they hasten to explain from Boulogne-Billancourt – of unfavorable exchange rates (Argentine peso and Turkish lira).
The leadership of Italian CEO Luca de Meo ( Les Echos in France and Automobilwoche in Germany) recently made his name as a possible replacement for Carlos Tavares in Stellantis, but relations between John Elkann and the Portuguese manager are currently idyllic and Renault is holding on tight its CEO), satisfies the French: in the first quarter of the year revenues reached 11.7 billion euros, up 1.8% compared to the first three months of 2023.
The arrival of the Chinese brands does not distract Renault from its objectives for the current year. At the end of 2024, Renault expects to have an operating margin greater than or equal to 7.5% and a cash flow greater than or equal to 2.5 billion euros.
DE MEO STRIKES EUROPE
Last month de Meo, also number 1 of the European association of car manufacturers Acea, had criticized Brussels, addressing a very harsh letter to the outgoing EU government. “Producing electric cars in Europe is more expensive” than in China, a country that “distributes ever greater subsidies to manufacturers”, the photograph taken by the CEO of Renault who then recalled how in America Joe Biden to keep the US industry competitive has “ granted tens of billions of dollars in tax credits", while in the Old Continent "a program of this type does not exist".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/come-riparte-renault-dopo-la-sbandata-in-russia/ on Tue, 23 Apr 2024 13:55:02 +0000.