Renault raises FY23 operating margin view to 7%-8% vs. 6% prior

Sees automotive operational free cash flow superior or equal to EUR 2.5B vs. superior or equal to EUR 2.0B previously. The company states: “This improvement is mainly driven by the quality of the sales mix thanks to the success of our new launches and to our commercial policy focused on value.” CEO Luca de Meo also stated: “Renault Group reaches record levels of performance. These results are the outcome of our strategy focused on value and of the unwavering commitment of the teams, over the last 3 years for Renaulution which is transforming the Group in depth. Thus, Renault Group upgrades its financial outlook for the year, thanks to the continuous efforts to reduce costs and to the unprecedented product offensive in the Group’s history. This product offensive, across all our brands, has only just begun and will further improve the Group’s performance, while leading a unique transformation to become the Next Gen automotive company.” Shares of Renault Group were up over 6% in European trading session.