Renault posts forecast-beating first-quarter sales

Article by Christian Andrei, on August 29, 2010

Amid expectations of a still difficult economic environment, Renault was able to exceed forecasts with its first-quarter sales. The French carmaker also confirmed that it aims for a positive free cashflow for the whole year.

Like other carmakers, Renault is concerned about the effect on sales that the ending of government scrappage incentive schemes will have.

Renault confirmed a previous forecast of a 10% drop in the European market as a whole this year. Renault revealed that it remains on track to meet its 2010 objectives of positive free cash flow and a widening of its market share.

Its global market share was up 0.37 points in the first quarter. In a conference for analysts last Tuesday, Chief Financial Officer Thierry Moulonguet said that asset sales would play a role in meeting the positive free cash flow target and that the company has some flexibility.

He added that the company was urged on by the recent evolution of the share price of Volvo after a good results presentation for Q1.

Renault has said in various times that its 20.7% stake in Volvo is not strategic. However, CEO Carlos Ghosn said earlier this year that he won't be hastened into selling assets.

Last Friday, Renault shares increased steeply after Volvo showed better-than-expected quarterly results. This fueled speculation that Renault could sell its stake.

Topics: renault, sales

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