said last month it would run its EV business separately from its legacy combustion engine operations.
The news came as Renault posted better-than-expected revenue for the first quarter, as higher prices and rising electric vehicle sales largely offset the impact of the war in Ukraine and an ongoing global shortage of semiconductors. Renault shares briefly spiked as much as 5% after Bloomberg reported that Renault may consider lowering its stake in Nissan as part of its plans to separate its EV business.When asked about the report, a Nissan spokesperson said"we do not comment on speculation."The group, which also makes Dacia and Lada brand vehicles, said its revenue fell by 2.7% from a year earlier to 9.75 billion euros . Analysts had expected revenue of around 9.61 billion euros, according to Refinitiv estimates.
The drop in first-quarter revenue followed a 17% decline of vehicle sales to 552,000 vehicles, Renault's lowest quarterly total since the depths of the global financial crisis in 2009.rose 13% and accounted for 36% of the total. Prices were up 5.6% from the first quarter of 2021 as the group pursues sales of more profitable cars.
Renault confirmed its financial outlook laid out in March for a 2022 operating margin of around 3% and said it would give a detailed update on its targets and strategy later this year.sensors to entertainment systems, will cut Renault's planned car production by 300,000 vehicles in 2022, mostly in the first half of the year, the company said.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »