Renault announced a modest 1.3% increase in sales for 2024, with a strong fourth-quarter performance fueled by new product launches helping to counteract weaker demand earlier in the year. Despite the growth, the pace of sales expansion slowed significantly compared to the 9% rise in 2023.
The global automotive sector faced multiple challenges in 2024, including inflation dampening consumer demand and a surplus of vehicles from China flooding international markets.
The French automaker reported total sales of 2.26 million vehicles, with a notable rise in the share of hybrids and electric vehicles. These models contributed to a 6.1% increase in sales during the fourth quarter.
Renault’s European market also saw growth in electric vehicle sales, which represented 9% of its total sales for the year and rose to 12% in the final quarter.
This growth in electric vehicles comes amid broader struggles within the automotive industry, with major manufacturers like Volkswagen reporting a 2.3% sales decline in 2024, largely due to cost-cutting efforts and the challenges posed by China’s price war.
