Renault reports revenue drop due to chip shortage, inflation, Ukraine war
Renault SA said Friday that revenue fell in the first quarter as the market environment was severely disrupted by the semiconductor shortage, inflation and the war in Ukraine.
The French auto maker said revenue fell to 9.75 billion euros in the quarter from EUR10.02 billion in the previous-year period. Renault sold 552,000 vehicles in the first three months of 2022, 17% fewer than in the same quarter last year. The company confirmed its full-year outlook and said it will provide an update on its strategy and financial objectives at the capital markets day in the fall.
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