Renault Group has reported revenue for 2024 Q1 at €11,707 million, up 1.8% compared to 2023 Q1. At constant exchange rates, Renault Group revenue was up 5.9%.

In what it described as a transitional first quarter ahead of the commercial launches of 10 models between now and the end of 2024, Renault Group grew its sales 365,356 units, up 3.1% versus 2023 Q1.

Source: Renault

Renault said the C-segment and above represented 37% of sales with a range of four vehicles: Arkana, Megane E‑TECH electric, Austral and Espace E-TECH Hybrid. On these models, high trim versions represented a large majority of sales, the company said.

Electrified passenger car sales continued to increase to reach 48% mix of sales, up 8 percentage points versus 2023 Q1. Renault said this was down to the success of E-TECH Hybrid engines.

Electric passenger cars represented 10.5% mix of sales and the company said their sales will continue to grow with the upcoming launches of Scenic E-TECH electric, Renault 5 E-TECH electric and Renault 4 E-TECH electric.

Renault said 2024 promises to be a ‘historical year for the Renault brand’, with 7 new launches:

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  • 2 new all-electric vehicles with Scenic E-TECH electric and Renault 5 E-TECH electric.
  • 2 new hybrid vehicles in Europe: Rafale E-TECH and Symbioz.
  • New Renault Master (ICE and all-electric versions).
  • 2 new vehicles in markets outside Europe: Kardian and a Renault Korea Motors vehicle (D-SUV). 
Source: Renault

In addition, the company said the Renault brand will benefit from the facelift of Captur and the launch of Renault Duster for international markets.

Dacia recorded Q1 sales up 3.6% in Europe, with 153,439 units. Sandero became the most selling car, all sales channels combined in Europe in the first quarter, with 72,995 units sold (+20.2% versus 2023 Q1).

There is also a new Dacia Duster – which has recorded more than 18,000 orders during its first 30 days on the market – before its arrival in the dealership network early summer.

2024 outlook

Renault Group confirmed its 2024 financial outlook with:

  • a Group operating margin superior or equal to 7.5%
  • a free cash flow superior or equal to €2.5 billion

It said upcoming product offensive and acceleration of cost reduction will remain the drivers of operational performance and strong cash generation in 2024:

  • 2024 will see 10 new vehicles launches (7 new vehicles under Renault brand, 2 vehicles under Dacia brand and 1 vehicle under Alpine brand).
  • Faster cost reductions and time-to-market for both thermal and electric vehicles, already engaged with a continuous trajectory.