Renault recently announced its first-quarter revenue of 11.7 billion euros, surpassing the analyst predictions of 11.49 billion euros. The company's revenue saw a 1.8 per cent rise, supported by robust sales in its financing division, amidst their ongoing efforts to implement cost-cutting measures.
As part of its transformation strategy, Renault is focusing on the electrification of its vehicle lineup, planning to introduce seven new models in the current year, including two fully electric and two hybrid models. Despite the global automotive sector facing challenges such as slowing demand for electric vehicles and fierce competition from Chinese manufacturers, Renault remains committed to its objectives.
Renault's Chief Financial Officer, Thierry Pieton, emphasized the company's target to reduce electric vehicle costs by 40 per cent by 2027, aiming to address the affordability hurdle hindering wider adoption of EVs. Despite experiencing a growth in sales volume during the first quarter, Renault's automotive revenue declined by 0.7 per cent due to various market factors affecting prices, specifically in regions like Argentina and Turkey.