Renault has announced that on a consistent accounting basis, Renault's revenues totalled 9,015 million euros in the first quarter of 2003, down 2.86% compared with the year-earlier period. The Automobile Division generated revenues of 8,545 million euros, down 3.22% on the first quarter of 2002.

Renault said that the decline was primarily due to falling sales volume in Western Europe and the negative impact of the depreciation of the pound sterling, the Brazilian real and the Argentine peso.

In spite of the decline, Renault said that it has nevertheless benefited from a more favourable product mix in Western Europe, as well as buoyant international sales driven by Renault Samsung Motors and a rise in powertrain sales to other companies, including Nissan.

Renault said that the decline in revenues came on the back of range renewal, which will gather pace in the second half of 2003 with the launch of four new models in the Mégane family: Scénic II, and Mégane II Sport Tourer, Sport Saloon and Coupé-Cabriolet.

Renault said that global unit sales totalled 582,079 vehicles in the first quarter of 2003, equivalent to a like-for-like decrease of 7% given the overall market slump.