Renault expects to benefit from higher prices, easing costs
Reuters
Published Feb 15, 2024 08:55
PARIS (Reuters) - Renault (EPA:RENA) expects to benefit this year from higher car prices and easing raw material costs, Chief Financial Officer Thierry Pieton said on Thursday as the French carmaker prepares to launch 10 models in 2024.
"We are making good ground in terms of cost production and raw materials," he said in a call with analysts after releasing 2023 results on Wednesday, although the positive effect of car prices will be lower than in 2023.
Raw material costs improved in the second half of last year, he said.
The comments come as European carmakers struggle to compete with cheaper Chinese electric vehicle rivals and face slowing demand as people rein in spending due to higher borrowing costs.
Planned launches include two fully electric cars, the Scenic and the R5, and two hybrids.
Shares in Renault hit two-month highs on Thursday, with investors welcoming a big jump in dividend as it joined other carmakers in paying out more cash to investors.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.