Automotive revenue alone reached €9 billion for the period, a year-on-year increase of 21.7%, while group worldwide sales totalled 481,000 vehicles.

The group reports that it is “pursuing its value-oriented commercial policy, which leads to an increase in the mix of its sales in the most profitable channels”.

In Q3, Renault noted that its share of sales to retail customers in the five main European countries – France, Germany, Spain, Italy and the UK – increased to 70% from 64% in 2021.

The top markets for Renault Group at the end of September 2022 included France with 344,761 units, Germany with 106,921 units and Italy with 104,425 units, followed by Turkey, Brazil and Spain.

Looking forward to the full 2022 financial year, the company has confirmed its outlook, expecting a group operating margin in excess of 5% and an automotive operational free cash flow of more than €1.5 billion.

“Renault Group is progressing quarter after quarter. The growth of the activity in the third quarter continues to reflect our commercial policy focused on value, set up for two years now: improvement of the pricing policy, optimisation of commercial discounts and priority to the most profitable channels,” said Thierry Piéton, Chief Financial Officer of Renault Group.

“The Group is also beginning to benefit from the renewal of the range with the promising start of Renault Megane E-tech Electric and the successful launch of Dacia Jogger. Renault Austral, which is currently being launched, reinforces the Group’s return to the C segment. These are all levers that improve the Group’s competitiveness and will enable us to achieve our 2022 objectives while waiting to unveil new mid-term ambition during our Capital Market Day on November 8.”