Renault’s worldwide group sales fell 22.4% in the first quarter, in line with global market trends, the automaker said on Wednesday.
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Scrappage schemes in various countries resulted in a large order bank for the Europe region at the end of March than a year ago.
First-quarter consolidated group revenues fell 30.8% to EUR7,080m, down 30.8% and the company rediced its new vehicle inventory 34% during the quarter.
Automobile revenues fell 31.8% to EUR6,634m.
Renault group sales in Europe fell 22% in a market that shrank 19%. In Germany, the only European market to grow in the first three months of the year (+15%), group sales rose 3.4%, buoyed by the scrapping bonus and the doubling of Dacia sales.
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By GlobalDataDacia reported growth of more than 29% and sales of the fuel-frugal Twingo entry level Renault model rose 15% to 40,635 units.
In the Americas region, in a market that contracted 9.6%, group sales fell 17.8%. ‘Eurasia’ region sales fell 40.3% in a market off 44.8%.
Russian sales were down 38.2% in a market that fell 40.6%.
Sales of engines and built-up vehicles to partners such as Nissan and General Motors Europe were down, including LCVs which were hit by the 35% drop in the market in Europe.
The sales financing subsidiary RCI Banque contributed EUR446m to group revenues, down 11.9% year on year.
