Renault Posts Disappointing Third-Quarter Results, Global Sales Down 4.4 Percent

These are not the best times for the Renault Group and the company’s third quarter results reflect that, as sales were down 4.4 percent to 852,198 units, with revenue falling by 1.6 percent to €11.29 billion ($12.54 billion).

The company said the disappointing results were also due to a drop in production at partners Nissan and Daimler, declining demand for diesel engines, and a slowing global market. Renault uses its plants to build vehicles for Nissan and Daimler, as well as manufacturing diesel engines for other automakers.

In Europe, which accounts for half of Renault Group’s worldwide sales, deliveries dropped 3.4 percent even though the market was up by 2.4 percent. The company blamed a strong year-ago comparison and the change of generations for the Clio supermini, as some versions of the 2020 model have experienced delays. In China, the group’s sales plunged 15.5 percent in a market that was down 5 percent.

Also Read: French Government Is OK With A Non-French Renault CEO

2020 Renault Clio

Overall, the Renault brand was most affected by the decline, with sales down 10 percent. In contrast, the low-cost Dacia marque saw deliveries jump by 9.3 percent.

Given the third-quarter results, Renault revised its forecast for the growth of the global auto market downwards, expecting a year-on-year decline in 2019 of around 4 percent, compared to around 3 percent previously. The carmaker also expects its operating margin to drop from 6 percent to 5 percent as costs take a greater toll than previously anticipated, Autonews Europe reports.

Former Renault CEO Thierry Bolloré at the world debut of the 2020 Clio

Adding insult to injury is the management crisis at the very top of the company. Renault is currently looking for a new CEO after firing Thierry Bolloré and appointing Clotilde Delbos as interim chief earlier this month.

In the past year, Renault has also been affected by the arrest of former CEO Carlos Ghosn in Japan, with the case exposing unresolved tensions with alliance partner Nissan. Since then, Nissan has vetoed a plan for Renault to merge with Fiat Chrysler Automobiles. The Japanese automaker is not doing great itself either, facing a slide in profits and mass job cuts. This also indirectly affects Renault, which owns a 43.4 percent stake in Nissan.

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  • EyalN

    As i said before, they need to bring Carlos Ghosn back.
    only Sergio Marchionne can run a car company as good as him and it’s going to be harder to bring Sergio Marchionne back

    • Aeromann

      Exactly. Ghosn saved Renault, Nissan, Dacia…

      With this new lady they will go to bankrupcy.

  • Six_Tymes

    I know there are many reasons, but the main one no one seems to care about, EVERY new car/suv on the planet is OVER PRICED. Screw all car companies for price gauging consumers.

    • Loquacious Borborygmus

      That and price gouging too.

    • Dennis James

      Agree !

  • Dredd2

    just idiot capitalists think that the economic growth is infinite.

  • Thetruthísntalwayspopular

    They have lost the UK market which used to be massive for them. They have the right mix of products, with clio and Megane and the suv’s being new or newish. Competition is tough. But France and Germany are now finding out what happens when you try to blackmail the UK over Brexit. You end up screwing yourself.

  • Thetruthísntalwayspopular

    They have lost the UK market which used to be massive for them. They have the right mix of products, with clio and Megane and the suv’s being new or newish. Competition is tough. But France and Germany are now finding out what happens when you try to blackmail the UK over Brexit. You end up f kin yourself.

    • Rivaldo

      Ya right, the germans are ok on the UK market.

      • Thetruthísntalwayspopular

        Um, you’re missing the point. Germany has just headed into recession. The UK is a big market for the German car companies. What do you think will happen if they f k over the UK with regard to Brexit? It’s not rocket science.

  • paulgdeaton

    …. and now somebody can tell Trump their sales have “fallen to zero” in the USA….

  • Adam

    The problem is all these brands that are trying to move upmarket and become more premium only end up only hurting the buyer and the bottom line. The low cost brands are selling because that’s what people want.

    • ThatGuy

      I agree Adam, however i think its because low cost brand is what they can afford, not necessarily what they want. I think cars are so overpriced in this time period i cant see the reason to take on an expense that has a negative value proposition for a family.

      I really like a lot of cars out there, but i can justify spending the money they want for them. Budget cars prove it can be cheap, simple and comfortable, why spend double for a car that is 20% better in the same segment.

  • jfalckt

    The US market seems to have dried up recently

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