Renault sales up in Q3, supported by higher prices‎

Renault announced Friday that sales rose to 9.8 billion euros ($9.57 billion) in the third quarter, in line with analyst expectations, as price increases allowed the company to achieve revenue growth despite lower car sales from the previous year. ‎

According to “Reuters”, the French car manufacturer stated that total revenue increased 20.5 percent when adjusted after the disposal of its former Russian unit AvtoVAZ, adding that it witnessed the best price effect ever in light of the decline in quarterly car sales 2.4 percent from last year. ‎

Third-quarter sales of 9.8 billion euros came in line with analysts’ consensus.

Renault faces major challenges in the fourth quarter, as it is finalizing plans to split the heat engine and electric vehicle business into two separate units amid tense talks aimed at reshaping its strategic partnership with Nissan.

Renault is the largest shareholder in Nissan, owning 43 percent, while the Japanese automaker owns 15 percent in its partner.

The two companies announced last week that they are in talks about a new phase in their partnership that could include Nissan’s investment in Renault’s new electric car project.

The French company, which is due to make a presentation to investors on November 8, kept its full-year forecast, including a target of achieving an operating profit margin of more than five percent, compared to 3.6 percent in 2021, along with operating free cash flow from cars of more than 5% from 1.5 billion euros.