Renault cuts sales forecast on weak Europe market
PARIS -- French carmaker Renault SA says its revenue slumped 13.3 percent in the third quarter as an economic downturn in France, Italy and Spain caused sales to slump.
Renault reported third quarter sales of (EURO)8.45 billion ($10.9 billion), down from (EURO)9.76 billion a year earlier.
In a statement Thursday, the maker of the Clio and the Logan warned that Europe's car market "remains a source of concern" and slashed its full-year sales guidance.
Renault's sales in Europe fell 18.4 percent, almost twice as fast as the overall market decline. It blames drops in demand in France, Italy and Spain, its key European markets.
Renault now expects 2012 vehicle sales to fall short of the 2.72 million sold in 2011. As recently as July, Renault forecast higher global sales.