Renault Achieves 1.3% Sales Growth in 2024, Boosted by Hybrid Models

Paris: French car manufacturer Renault (RENA.PA) announced on Thursday that its sales went up by 1.3 per cent in 2024, with robust growth in the fourth quarter fueled by new launches that helped balance weak demand experienced earlier in the year. Sales growth, though, significantly decelerated from the 9 per cent increase noted in 2023, as the worldwide automotive industry encountered a difficult year with inflation impacting consumer demand for new vehicles and excess production in China saturating the market. 

Renault sales up 1.3%, driven by hybrids.

Leading European automaker Volkswagen announced on Tuesday that its sales declined by 2.3 per cent last year due to challenges in reducing expenses domestically and competing in a price war in China, its largest market. Renault, primarily focused on the European market, reported sales of 2.26 million vehicles, with an increasing portion comprising hybrids and electric models that contributed to a 6.1 per cent rise in sales during the fourth quarter. In total, 9 per cent of the group's sales in Europe consisted of electric vehicles, increasing to 12 per cent in the fourth quarter. 

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According to Fabrice Cambolive, CEO of the Renault brand, representing over two-thirds of group sales, electric vehicles comprised 16 per cent of European volumes in the fourth quarter. Nearly 20 per cent of Renault's sales this year must come from electric vehicles to meet strict new European goals on carbon emissions. The firm is set to announce its 2024 financial results on February 20.