Renault sales and profits dip during third quarter 2012

French car manufacturers, Renault Group have announced that their group revenues were down 13.3% YoY to €8,447 million during the third quarter of 2012. Automotive revenues too fell 14.4% to €7,928 million while Renault Group sales were down 5.8% at 596,063 units.
The company has lowered its delivery targets for 2012 following sales in third quarter falling 13%. Sales fell to 8.45 billion euros from July to September while the auto division saw revenues drop 14% to €7.93 billion. This has resulted in the group’s full year volume falling short of last year’s levels. Renault has also cut its full year European markets forecasts following these results due to a predicted 8% decline.

Though the company has set a goal to achieve positive free cash flows during the year Chief Financial Officer Dominique Thormann has stated that safety margins are lower as European markets slump further. Renault has also stated that it does not intend to close any of their production facilities but are trying to enter into a new nationwide labor deal.