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Renault H1 Sales Volume Down, Reports Recovery In June; On Track To Meet FY20 View; Stock Dips

Shares of Renault SA (RNSDY.PK,RNSDF.PK,RNT.L) were losing around 2 percent in the early morning trading in Paris after the French automaker reported Monday a 34.9 percent drop in worldwide sales to 1.26 million units from 1.93 million units last year. The market was down 28.3 percent in the first half. However, the company recorded a strong commercial recovery in the month of June.

Groupe Renault suspended sales and industrial activities in most countries from mid-March due to the Covid-19 pandemic. The sales volume decline was mainly due to the company's high exposure to countries that have undergone a strict lockdown.

ZOE, the best-selling electric car in Europe, recorded growth of nearly 50 percent to 37,540 units in the first half and orders of 11,000 units in June.

In Europe including France, sales amounted to 623,854 vehicles, down 41.8 percent. Sales in France fell 36.1 percent.

Sales outside Europe and France declined 26.4 percent with decline in all regions, except South Korea, which recorded a 51.3 percent increase in sales.

In June, Group sales in Europe picked up with Renault and Dacia achieving 10.5 percent and 3.5 percent market share, respectively.

Looking ahead, the company said it is on track to meet its CAFE targets for 2020.

Denis le Vot, member of the Executive Committee, Senior Vice President Sales and Regions of Groupe Renault, said, "We are starting the second half of the year with a very high level of orders, a satisfactory level of inventory, a rising price positioning across the entire range, and a new E-TECH Hybrid offer that is unique in its segment and already very well received."

In Paris, Groupe Renault shares were trading at 23.46 euros, down 1.72 percent.

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