Sales at the UK arm of car manufacturer Renault accelerated past £2bn in 2023, it has been revealed, despite an industry-wide slowdown, according to newly-filed documents.
The firm, whose parent company is headquartered in France, had previously reported a turnover of £1.5bn in 2022 but its pre-tax loss decreased year on year to £32.7m from £47.2m in the 12 months before.
The division saw new registrations of Renault-branded cars increase by 51 per cent from 46,490 in 2022 to 70,326 in 2023 – higher than any other car brand bar MG.
For comparison, the total UK new car and van market increased by 18 per cent to 2.24m new vehicle registrations, up from 1.9m in 2022.
Renault UK’s profit was hit by the cost of sales increasing from £1.4bn to £1.9bn.
In a statement published on Companies House Renault said “In 2023 Renault UK sales increased considerably, more than than the total market progression.
“Renault brand retail (excluding fleet sales) market increased from 2.1 per cent in 2022 to 2.5 per cent in 2023.
“In 2023 the retail market in the UK decreased by 0.1 per cent in total vs 2022, despite this, the Renault models Clio and Captur showed a strong resilience in a struggling retail market with 14,466 registrations in 2023 (vs 10,512 registrations in 2022).
“In 2023 Renault UK launched the new SUV Austral which registered 1,805 retail units.”
Renault head office prepares for ‘product offensive’
The Renault Group, headquartered near Paris, has delivered a strong start to its 2024 financial year, with increased worldwide sales driving revenue of £11.7bn during the three months – up just under six per cent year on year.
In total the group sold 549,099 new vehicles during the period, up 2.6 per cent on its first quarter in 2023 and 4.3 per cent in its European division.
Renault described the three months as “a transitional first quarter” as it geared up to launch 7 new models before the end of 2024.
Among its launches will be two new hybrid cars – Rafale E-TECH and Symbioz – and the new Renault Master, available with an internal combustion engine or as an all-electric vehicle.
Thierry Piéton, CEO of Renault Group, said: “Q1 revenue continues to illustrate the strict application of our commercial policy focused on value.
“The strong order book at the end of March and our upcoming launches will provide sequential
acceleration in the activity. Coupled with an increase in cost reduction, they will drive our financial
performance.
“Renault Group has already opened a new chapter with sound fundamentals: performance
improvement and efficient capital allocation on the one hand and flexibility on the other.
“Our launches, both with electric and ICE & hybrid vehicles, demonstrate our flexibility to adapt to the ups
and downs of the energy transition.
“Day after day, our organization is gaining in agility and speed of execution which are clear strengths
in the current environment.”