RENAULT GROUP: FIRST QUARTER 2022 INFORMATION
PRESS RELEASE April 22, 2022 |
1st
quarter 2022 A
performing commercial policy strengthened
by a
profound line-up
renewal
- The Group's global
sales amounted to 552,000 vehicles in the 1st quarter of 2022, in a
still very disrupted market context.
- Group revenue was €
9.7 billion for the quarter, down -2.7% (-0.7% at constant scope
and exchange rates1).
- Renault Group is
pursuing its sales policy launched in the 3rd quarter of 2020 and
focused on value:
- Positive price effect of 5.6 points
over the quarter: the momentum is continuing.
- Increase of the mix of sales on the
most profitable channels: in the five main countries of Europe2,
the retail mix stands at 69% (vs. 54% in the 1st quarter of
2021).
- The Group's order
book in Europe at the end of March was at a 15-year high and
represented 3.9 months of sales.
- This commercial
policy is reinforced by the success of its new products, which
enables Renault Group to strengthen its leadership in hybrid and
electric mobility:
- Renault Arkana recorded more than
9,000 orders per month in the 1st quarter, 60% on E-TECH version
and 60% on the retail channel.
- Renault Megane E-TECH Electric is
experiencing a promising launch with more than 10,000 orders in two
months, 70% on high versions.
- Dacia Sandero remains the
best-selling vehicle to retail customers in Europe.
- With more than 9,000 sales in
Europe and 20,500 orders recorded in the 1st quarter, Dacia Spring
100% electric is the 2nd best-selling electric vehicle in
France.
- New Jogger promises to be a new
success of the Dacia brand with 36,500 orders in 4 months and a 70%
mix on high versions in Europe.
- The E-TECH line-up (100% electric,
plug-in hybrid and hybrid vehicles) accounted for 36% of Renault
brand passenger car sales in Europe over the quarter, up 13 points
compared to the 1st quarter of 2021.
- The Group is
strengthening its competitiveness with additional cost reduction
programs.
- Renault Group
confirms its financial outlook as announced on March 23, 2022.
- Renault Group will
present, at a Capital Market Day in the fall of 2022, an update of
its financial objectives and of its strategy positioning the Group
as a competitive, tech and sustainable reference player.
"Value creation is at
the heart of Renault Group's strategy and is reflected in
the activity of the
1st quarter of
2022. Our sales on the most profitable
channels continue to grow and
the Group's proactive
commercial policy deployed since mid-2020 is
bearing fruit. In
addition, the E-TECH
line-up is
becoming more and more
successful. The
order book, at a record
level, is strengthening
and benefiting from
our promising and competitive
line-up of new
vehicles.
In a market environment
severely disrupted by the conflict in
Ukraine, the semiconductor
crisis and inflation, Renault
Group is continuing its recovery
and accelerating the
implementation of its
strategy." said
Thierry Piéton, Chief
Financial Officer of Renault Group
Boulogne-Billancourt, April 22, 2022
COMMERCIAL RESULTS:
FIRST QUARTER HIGHLIGHTS
Renault Group, in a context
disrupted by the semiconductor crisis and the conflict in Ukraine,
sold 552,000 vehicles in the first quarter of 2022, down -17.1%
compared to the 1st quarter of 2021.
Renault Group is pursuing its
sales policy focused on value creation, which is leading to an
increase of the mix in the most profitable channels. Of the five
main European countries (France, Germany, Spain, Italy, United
Kingdom), the retail mix represents 69% compared to 54% in the 1st
quarter of 2021.
The Renault brand strengthens
its leading position in Europe in the electrified market with the
E-TECH line-up, which represents 36% of its passenger car sales, up
13 points versus the 1st quarter of 2021, in an electrified market
at 29% (+8 pts vs 2021). The line-up of hybrids (HEV and PHEV),
consisting of Renault Clio, Renault Captur, Renault Arkana and
Renault Megane, is up 40% compared to the 1st quarter of 2021.
Thus, Renault confirms its position as a reference player in
electric and hybrid mobility.
The renewal of the Dacia
line-up is a success, driven in particular by New Sandero, which
remains the best-selling vehicle to retail customers in Europe and
by Duster which has reached 2 million sales since its launch. The
100% electric Dacia Spring posted more than 9,000 sales in Europe
in the 1st quarter and is the 2nd best-selling electric vehicle in
France.
Alpine's activity is driven,
since the beginning of the year, by the launch of the new range of
its iconic A110 and records a 67% sales increase in the
quarter.
The Group's order book in Europe, already at a
record level at the end of 2021, continues to grow, and reaches 3.9
months of sales as of March 31, 2022. New Spring recorded 20,500
orders in the 1st quarter and New Jogger promises to be a new
success for the Dacia brand with a strong order book (36,500 orders
in 4 months, with a 70% mix on high versions in Europe). As for the
Megane E-TECH Electric, it already has more than 10,000 orders in
two months, 70% on high versions. The first deliveries of Megane
E-TECH Electric will be in May for France and in June for the main
European markets.
FIRST QUARTER
REVENUE
In the 1st quarter of 2022, the Group's
revenue amounted to €9.7 billion, down -2.7% compared to
last year. At constant scope and exchange rates3, the decrease was
-0.7%.
AVTOVAZ
and Renault Russia's
revenue was €0.9 billion, down -15.7% over the
period, as activity was strongly impacted from February, 24th by
the conflict in Ukraine. AVTOVAZ's contribution amounted to €527
million, a decrease of -23.1%. Renault Russia's revenue amounted to
€367 million, down only -2.1% due to destocking operations and
price increases.
Excluding the activities of AVTOVAZ and Renault
Russia, the Group's revenue was €8.9 billion, down
-1.1% and Automotive revenue was €8.1 billion,
down -1.0%. This variation is primarily due to the following:
The exchange rate effects, negative at -0.9
points, are mainly due to the devaluation of the Turkish Lira and
to a lesser extent of the Argentine Peso.
The volume effect of -8.9 points is mainly
explained by the decline in the automotive market in Europe related
to the shortage of semiconductors, particularly affecting Renault
brand’s sales, Dacia being less exposed to the most affected
suppliers.
The price effect, positive by +5.6 points,
reflects the continuation of our policy focusing on value over
volume as well as price increases to offset cost inflation and the
devaluation of some currencies (Turkish Lira and Argentine
Peso).
The product mix effect of +2.2 points reflects
the launch of Jogger in this quarter and the success of Arkana
launched in the second quarter of 2021.
The impact of sales to partners was negative by
-2.8 points. It is mainly the result of the decrease in production
of diesel engines and vehicles for our partners, in particular
linked to the end of the Master contract for Opel and Trafic for
Fiat at the end of 2021.
The "other" effect showed a positive
contribution of +3.4 points, notably related to the restatement of
sales with buy-back commitment, which are decreasing compared to
the 1st quarter of 2021 and supported by the performance of the
parts and accessories activity and Renault Retail Group.
Mobility Services contributed
€8 million to the 1st quarter revenue.
Sales Financing (RCI Bank &
Services) posted revenue of €737 million in the first quarter, down
-2.9% compared to the first quarter of 2021, in line with average
performing assets (€43.7 billion), which was down -4.7% compared to
the same period in 2021. This decrease is due to the impact of the
Group's dealership inventory optimization strategy. The retail
business recorded an increase in new financing of 5.4%. The average
amount financed on new contracts is increasing and partially
offsets the -9.7% decrease in the number of new contracts related
to the decline of Group's registrations.
As of March 31, 2022, total
inventories (including the independent network) represent
336,000 vehicles (63 days backward sales), compared to 487,000
vehicles at the end of March 2021 and are stable compared to
December 31, 2021.
Perspectives & Strategy
On March 23, 2022, Renault Group announced:
- the suspension of
the activities in its manufacturing plant in Moscow and the
assessment of the available options regarding its stake in AVTOVAZ
while acting responsibly towards its 45,000 employees in
Russia,
- updating its
financial outlook for 2022 as a result of these decisions with:
-
a Group operating margin of around 3%;
-
a positive automotive operational free cash flow.
The market environment remains impacted by the
semiconductor crisis. The Group confirms a total 2022 production
loss estimated at 300,000 vehicles, mainly in the 1st half of the
year.
In a context of strong cost inflation, the Group
is pursuing its commercial policy focused on value and
strengthening its competitiveness with additional cost reduction
programs.
As indicated during the presentation of its FY
2021 results on February 18, 2022, the Group confirms to be ahead
of its mid-term Renaulution objectives and is accelerating the
implementation of its strategic plan.
Renault Group will present, at a Capital Market
Day in the fall of 2022, an update of its financial objectives and
of its strategy positioning the Group as a competitive, tech and
sustainable reference player.
Renault Group's consolidated revenue
(In million euros) |
2021 |
2022 |
Change2022/2021 |
1st quarter |
|
|
|
Automotive excluding AVTOVAZ |
8,566 |
8,476 |
-1.1% |
Of which Renault Russia |
375 |
367 |
-2.1% |
AVTOVAZ |
685 |
527 |
-23.1% |
Mobility services |
5 |
8 |
+60.0% |
Sales financing |
759 |
737 |
-2.9% |
Total |
10,015 |
9,748 |
-2.7% |
Renault Group's top 15 markets at the end of
March 2022
|
Year to Date
March 2022 |
Volumes
(1)(in
units) |
PC+ LCV market
share(%) |
1 |
FRANCE |
104,145 |
22.8 |
2 |
RUSSIA |
75,104 |
27.1 |
3 |
ITALY |
38,918 |
9.9 |
4 |
GERMANY |
37,382 |
5.5 |
5 |
TURKEY |
29,648 |
19.5 |
6 |
BRAZIL |
26,048 |
7.0 |
7 |
INDIA |
23,205 |
2.2 |
8 |
MOROCCO |
16,502 |
39.9 |
9 |
SPAIN + CANARY ISLANDS |
16,179 |
8.5 |
10 |
UNITED KINGDOM |
15,835 |
3.2 |
11 |
BELGIUM + LUXEMBOURG |
13,749 |
10.4 |
12 |
SOUTH KOREA |
12,659 |
3.5 |
13 |
POLAND |
12,587 |
10.7 |
14 |
ARGENTINA |
10,218 |
10.2 |
15 |
COLOMBIA |
10,031 |
19.4 |
(1) Sales excluding Twizy
Total Renault Group PC + LCV sales by brand
|
1st quarter |
|
2021 |
2022 |
Change % |
RENAULT |
|
|
|
PC |
337,661 |
279,185 |
-17.3 |
LCV |
96,485 |
69,547 |
-27.9 |
PC + LCV* |
434,146 |
348,732 |
-19.7 |
Of which Renault Russia |
30,364 |
22,392 |
-26.3 |
RENAULT KOREA MOTORS |
|
|
|
PC |
12,227 |
12,032 |
-1.6 |
DACIA |
|
|
|
PC |
109,837 |
126,443 |
15.1 |
LCV |
11,055 |
1,472 |
-86.7 |
PC + LCV |
120,892 |
127,915 |
5.8 |
LADA |
|
|
|
PC |
88,381 |
57,832 |
-34.6 |
LCV |
2,268 |
2,776 |
22.4 |
PC + LCV |
90,649 |
60,608 |
-33.1 |
ALPINE |
|
|
|
PC |
424 |
709 |
67.2 |
JINBEI&HUASONG |
|
|
|
PC |
22 |
- |
-100.0 |
LCV |
6,407 |
- |
-100.0 |
PC + LCV |
6,429 |
- |
-100.0 |
EVEASY |
|
|
|
PC |
479 |
1,737 |
262.6 |
RENAULT GROUP |
|
|
|
PC |
549,031 |
477,938 |
-12.9 |
LCV |
116,215 |
73,795 |
-36.5 |
PC + LCV |
665,246 |
551,733 |
-17.1 |
Of which Renault Russia + LADA |
121,013 |
83,000 |
-31.4 |
About Renault Group
Renault Group is at the forefront of a mobility
that is reinventing itself. Strengthened by its alliance with
Nissan and Mitsubishi Motors, and its unique expertise in
electrification, Renault Group comprises 5 complementary brands -
Renault, Dacia, LADA, Alpine and Mobilize - offering sustainable
and innovative mobility solutions to its customers. Established in
more than 130 countries, the Group has sold 2.7 million vehicles in
2021. It employs nearly 160,000 people who embody its Purpose every
day, so that mobility brings people closer. Ready to pursue
challenges both on the road and in competition, Renault Group is
committed to an ambitious transformation that will generate value.
This is centred on the development of new technologies and
services, and a new range of even more competitive, balanced and
electrified vehicles. In line with environmental challenges, the
Group’s ambition is to achieve carbon neutrality in Europe by
2040.
https://www.renaultgroup.com/en/
RENAULT GROUP
INVESTOR
RELATIONS |
|
Philippine de
Schonen+33 6 13 45 68
39philippine.de-schonen@renault.com |
|
|
RENAULT GROUP PRESS
RELATIONS |
|
Frédéric Texier+33 6 10 78 49
20frederic.texier@renault.com Astrid de Latude+33 6 25 63 22
08astrid.de-latude@renault.com |
|
|
1 In order to analyze the change in consolidated
revenue at constant scope and exchange rates, Renault Group
recalculates revenue for the current financial year by applying the
average exchange rates of the previous period and excluding
significant changes in scope during the period.2 France, Germany,
Spain, Italy, United Kingdom3 In order to analyze the change in
consolidated revenue at constant scope and exchange rates, Renault
Group recalculates revenue for the current financial year by
applying the average exchange rates of the previous period and
excluding significant changes in scope during the period.
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