(Update: analyst comments and new stock price)
PARIS (Agefi-Dow Jones)–Automaker Renault said on Tuesday that its global sales fell in the first half of this year, amid the disruption of the semiconductor crisis and the shutdown of its activities in Russia. .
On the Paris Stock Exchange, Renault shares lost 1.2% around 11:00 a.m. Tuesday, to 23.09 euros.
Over the first half of the year as a whole, Renault’s worldwide sales stood at 1,000,199 vehicles, a decrease of 29.7% compared to the first half of 2021 on a reported basis and a decrease of 12% on a like-for-like basis, excluding Russia. This country was Renault’s second largest market last year, with a volume of over 480,000 vehicles.
During this period, Renault continued “its commercial policy oriented towards the creation of value which leads to an increase in the share of its sales on the most profitable channels”, namely electric vehicles, those in the C segment (cars compact cars) and retail sales, the automaker said in a statement.
In the five main European countries (France, Germany, Spain, Italy and the United Kingdom), its share of sales to individuals stood at 66% at the end of last June, compared to 53% at the end of June 2021. elsewhere detailed Renault.
A year 2022 “under constraints”
On a like-for-like basis, global sales of the Renault brand fell by 16.9% in the first half, to 691,435 vehicles, despite the strong growth in sales of electrified vehicles. Grouped together within the E-Tech range, these 100% electric or hybrid models accounted for 36% of Renault brand sales in Europe for the period from January to June 2022, compared to 26% a year earlier.
“The entire decline in sales of the Renault brand observed in the first half of the year is due to the drop in production linked to the semiconductor crisis, because we have sold all the vehicles that we have produced”, declared Fabrice Cambolive, the director of sales and operations of the Renault brand, during a conference with journalists. According to the leader, the level of production should improve significantly at Renault in the second half of this year, compared to the first, “but without corresponding to its portfolio of deliveries”. “The year 2022 will remain under constraints”, summed up Fabrice Cambolive.
On the other hand, worldwide sales of the Dacia brand increased by 5.9% in the first half, to 277,885 units, thanks to the success of the Sandero and Duster models. “This result makes Dacia the only growing European brand among the 20 biggest brands” on the Old Continent and on the perimeter of light and utility vehicles, underlined the specialist in attractively priced cars. Alpine’s unit sales accelerated by 70.8% over the period, to 1,710 “berlinettas”.
See you on July 29, then in the fall
The diamond group also announced that its order portfolio in Europe remained “at a high level” and represented 4.1 months of sales as of June 30, supported by demand for the Mégane E-Tech, branded Renault. , and the Dacia Spring and Jogger.
Renault will publish its results for the first half of this year on July 29, before the markets open. In a research note sent Tuesday to clients, Jefferies said it expects European automakers to confirm their guidance for the current fiscal year as the half-year season looms.
For 2022, Renault anticipates an operating margin of 3% and a “positive” operating free cash flow in its automotive activities. “Although Renault has a fragile, very European profile, the priority that the group gives to its most profitable channels will allow it to achieve its objectives this year”, assures an analyst based in Paris.
As for the future, the automaker has already made an appointment with the financial community this fall for an update “of its financial outlook and its strategy positioning it as a competitive, tech and sustainable benchmark player”. .
-Dimitri Delmond, Agefi-Dow Jones; 01 41 27 41 37; [email protected] ed: LBO – ECH
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July 12, 2022 05:03 ET (09:03 GMT)