Renault posts forecast-beating first-quarter sales

Article by Christian A., 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

If you liked the article, share on:

Pin It

Comments

Recommended

Uber has resumed its self-driving tests after having had to temporarily put them on hold following a crash in Arizona on Friday. A Volvo XC90, the test vehicle involved in...
by - March 30, 2017
Owning a supercar in the past meant you’ll have to compromise. But there’s no need for that anymore - thanks to the Ford Performance engineers. The company ensures that you...
by - March 30, 2017
Tesla marked a major milestone as it surpassed Ford in market capitalization. Automaker Tesla, formerly known as Tesla Motors, closed out the trading on March 27, 2017, with a market...
by - March 30, 2017
The mid-cycle facelift for the Mercedes-Benz's S-Class have been disclosed to the public eye via these leaked shots. The images that recently surfaced and others like it were published online...
by - March 30, 2017
Reddit user Jdubbswrx spotted a rather deceptive move coming from the German automotive manufacturer Audi. He posted an image of the supposed exhaust of the new 2018 Audi SQ5 sporting...
by - March 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries