Renault revenue declines in third quarter as sale slow in Africa, India
French carmaker cuts outlook in China as slowing economy weighs on sales
French carmaker Renault has cut its sales outlook for China. Photograph: iStock
Renault’s third-quarter revenue declined in the face of a slowdown in vehicle registrations in Africa and India, missing analyst forecasts.
The French manufacturer also cut its market outlook for China, where a slowing economy has weighed on car sales, the carmaker based in Boulogne-Billancourt said Tuesday in a statement. Renault sees growth of 2 per cent there, versus a previous forecast of 5 per cent.
Revenue fell 6 per cent to €11.5 billion, compared with a forecast of €12.2 billion of five analyst estimates compiled by Bloomberg.
Renault stuck to annual forecasts for operating return on sales to exceed 6 percent and to boost comparable revenue, which rose 4.4 per cent since the start of the year. Carmakers have struggled with weaker market conditions and trade tensions in the past months, pushing shares lower and prompting Daimler and BMW to warn of lower profits. – Bloomberg