- 2023 9-months:
- Group revenue at €37.4 billion, +21.1% vs 2022 9m1, +25.3% at constant exchange rates2
- Auto revenue at €34.2 billion, +20.1% vs 2022 9m1, +24.2% at constant exchange rates2
- Group registrations up 10.9% globally and 21.3% in Europe
- 2023 Q3:
- Group revenue at €10.5 billion, +7.6% vs 2022 Q31, +13.8% at constant exchange rates2
- Auto revenue at €9.4 billion, +5.0% vs 2022 Q31, +11.3% at constant exchange rates2
- Group registrations up 6.1% globally and 15.3% in Europe
- Continued strong price effect at 7.5 points over the quarter
- Europe orderbook remains very healthy at 2.5 months of forward sales at the end of September
- 2023 guidance confirmed:
- a Group operating margin between 7% and 8%
- a free cash flow superior or equal to €2.5 billion
Renault Group expects a Group operating margin in H2 above H1, which was at 7.6%.
“Renault Group achieved again a strong performance in the third quarter with total revenue increasing by 13.8% at constant exchange rates. We have entered the last quarter with confidence and confirm the improvement of our profitability in the second half of the year and beyond, driven by our product offensive, along with the benefits of our cost reduction program and our disciplined commercial policy focused on value.
In the meantime, we are moving fast forward on all our Revolution projects and this quarter was very active. We officially launched Horse and signed the JV agreement with Geely. Ampere carve-out will occur in November and we will present in detail its strategy during a Capital Markets Day on November 15th. We also announced the Flexis Project together with Volvo Group and CMA CGM, a true game changer to tackle the challenges of electrifying LCVs in the urban logistics sector. We are progressively building our next-gen automotive company.
Finally, following the signature of the Alliance definitive agreements in July, we confirm that the completion of the transaction is expected by the end of the year, as planned. This will create additional value through common operational projects and give Renault Group the opportunity to optimally reallocate part of its capital." said Thierry Piéton, Chief Financial Officer of Renault Group.
- Revolution projects – latest developments:
- Horse (dedicated entity for advanced low-emission ICE and hybrid powertrains):
- Carve-out effective on July 1st, 2023.
- Signing of a JV binding agreement on July 11th, 2023 with Geely, enabling the deconsolidation of Horse and the start of the new JV upon closing.
- Ongoing discussions with Aramco.
- Ampere:
- Carve-out effective in November 2023.
- Capital Markets Day on November 15th, 2023.
- Targeting the best window for an IPO, most probably in 2024 H1.
- Flexis project:
- Binding agreements signed by Renault Group and Volvo Group to launch a new company (initial 50-50 equity stakes) to pioneer and lead the e-LCV European market with an all-new generation of fully electric vans.
- CMA CGM Group would join the new company.
- Expected closing of the new company early 2024.
- Alliance:
- Definitive agreements signed in July 2023. Completion of the transaction expected in Q4, as planned. Once finalized, Renault Group will be able to monetize the 28.4% of Nissan shares transferred to a trust.
- Horse (dedicated entity for advanced low-emission ICE and hybrid powertrains):
1 The 2022 figures include restatements following the first application of IFRS 17 "Insurance contracts".
2 In order to analyze the variation in consolidated revenue at constant exchange rates, Renault Group recalculates the revenue for the current period by applying average exchange rates of the previous period.
