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Renault SA RNO

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Morningstar’s Analysis

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Renault Q3 Revenue Results Hit by Chip Crunch, but Maintains Guidance; Slight FVE Increase to EUR 88

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat-rated Renault reported third-quarter group revenue of EUR 9.0 billion, down 13.4% from the prior year but, excluding favorable currency translation, revenue would have decreased 14.0%. The top line was disappointingly 19% below the FactSet consensus revenue estimate of EUR 11.1 billion. Renault volume and market conditions from the microchip shortage contributed negative 12.4 percentage points and 7.6 percentage points, respectively to the revenue shortfall. The French automaker discloses only revenue in the first and third quarters while full financial statements are reported for the half and full year.

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Company Profile

Business Description

Renault possesses a global alliance of automotive manufacturing, financing, and sales operations. The company's alliance partners consist of AvtoVAZ (61.09%), Dacia (99.4%), Nissan (43.7%), Renault Samsung Motors (80.0%), Mitsubishi (Nissan owns 34%) and Daimler (1.55% owned by Nissan). Total 2020 Renault-Nissan-Mitsubishi alliance sales volume of 7.8 million vehicles makes the alliance the third largest vehicle group in the world, behind Toyota at 9.5 million and Volkswagen at 9.3 million vehicles sold.

Contact
13-15, quai Le Gallo, Boulogne
Billancourt, 92100, France
T +33 176840404
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 170,158

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