SHARES in French auto giant Renault sank today as the group’s third-quarter sales disappointed investors.  

Sales grew 7.6% to €10.5 billion (RM52.92 billion) as a drop in volume was offset by price increases for its vehicle lineup.  

The company has moved to a strategy of selling fewer cars but at higher prices.  

Renault confirmed its outlook for 2023, with cash flow equal to or above €2.5 billion and an operating margin of between 7% and 8%.  

“We have entered the last quarter with confidence and confirm the improvement of our profitability in the second half of the year and beyond,” chief financial officer Thierry Pieton said in a statement. 

But investors were not impressed as company shares fell more than 7% in morning trading on the Paris stock exchange.  

Analysts surveyed by Bloomberg had expected sales to reach €10.77 billion. – AFP, October 19, 2023.