Renault Group’s Impressive 2023 Financial Results

Renault Group has recently unveiled its exceptional financial results for 2023, exceeding the upgraded financial guidance from June 2023. The group has reported substantial improvements across all financial aspects, reaching record levels in various areas.

The Group recorded revenue of €52.4 billion, marking a significant 13.1% increase and a 17.9% surge at constant exchange rates compared to 2022. In addition, the Group achieved a record operating margin of €4.1 billion, representing 7.9% of revenue and a noteworthy 2.4 points increase from the previous year. The automotive operating margin also experienced a significant boost, reaching €3.1 billion, or 6.3% of revenue, showcasing a substantial 3.0 points improvement compared to 2022. Furthermore, the net income of €2.3 billion further solidifies the exceptional financial performance of Renault Group.

Moreover, the Group’s free cash flow reached a record €3.0 billion, demonstrating a substantial increase of €0.9 billion compared to the previous year. Notably, Renault Group’s Automotive net cash financial position reached its peak at €3.7 billion as of December 31, 2023, marking a substantial increase of €3.2 billion from December 31, 2022.

In addition to the impressive financial results, Renault Group’s commercial performance has also been noteworthy. The group’s successful renewal of its line-up has propelled it back into the spotlight, with 2 vehicles ranking in the Top 3 of the best-selling cars in Europe. Additionally, the ranking of the Renault brand has risen significantly from 5th place to 2nd place.

Looking ahead to 2024, Renault Group aims to sustain its momentum of success. The Group plans to launch 10 new vehicles and accelerate cost reductions to drive operational performance and robust cash generation. Moreover, Renault Group is targeting a Group operating margin of ≥7.5%, a free cash flow of ≥€2.5 billion, and a significantly higher proposed dividend of €1.85 per share compared to €0.25 per share in the 2022 financial year.

Renault Group’s CEO, Luca de Meo, attributed these remarkable results to the dedication and teamwork of the entire Renault Group, emphasizing the Group’s strength in a challenging environment. The success of the Renaulution strategy has undoubtedly played a pivotal role in achieving these exceptional outcomes, reflecting the Group’s commitment to continuous renewal and optimization.

The 2023 financial results also showcased Renault Group’s commercial successes, with 3 complementary and growing brands – Renault, Dacia, and Alpine. The Group achieved a 9% increase in worldwide sales, outperforming the market in Europe. Renault emerged as the best-selling French brand globally and secured a leading position in various market segments.

Furthermore, Renault Group’s diligent electrification efforts have resulted in notable achievements, with the brand making significant strides in the European electrified passenger car market, recording a 19.7% sales increase. The company’s strong contribution to environmental sustainability is further reflected in achieving its CAFE targets in Europe for passenger cars and light commercial vehicles.

The robust financial results of Renault Group undoubtedly signify a momentous achievement, positioning the Group for a promising future. With a steadfast commitment to innovation, sustainability, and customer-centric mobility solutions, Renault Group continues to chart a path of success and value creation for all stakeholders.

For further insights, please visit the official Renault Group’s media page at www.media.renaultgroup.com.