The Renault group on Friday reported a turnover down 8.2% in the third quarter of 2020, to 10.4 billion euros, due to a late recovery in auto sales and rates negative exchange rates.
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In the first half of the year, Renault sales plunged 34.3% due to the health crisis.
At constant exchange rates and perimeter, the decline in the third quarter was only 3.2%, after a fall of 32.9% over the first six months of the year.
The group sold 806,320 vehicles in the last three months, a drop of 6.1% compared to the same period in 2019.
The group is confident for the future
The month of September, however, shows a positive dynamic, "
particularly marked in Europe
", according to Renault, which forecasts "
positive
"
free cash flow
in the automotive sector in the second half of the year, but makes no forecast for 2020 or 2021.
"
This third quarter underlines the evolution of our commercial policy, henceforth favoring profitability over volumes
", underlines in a press release the general manager of the group, Luca de Meo.
“
Our
performance in electricity
, the very good reception of our hybrid E-Tech models, our liquidity reserves and the positive dynamics of our teams make us confident in the group's ability to initiate its recovery
”.
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The group emphasizes having "
accentuated its price discipline policy
" during the third quarter.
The order book, up 60% at September 30, is at "
a high level
" while stocks are at a "
low point
".