Renault UK Division Sees Sales Surge Past £2bn in 2023 Despite Industry Slowdown
The UK division of car manufacturer Renault is making headlines with its impressive sales performance in 2023, surpassing £2bn despite a general industry slowdown. According to recently filed documents, Renault UK saw a significant increase in turnover from £1.5bn in 2022 to over £2bn in 2023. This growth is particularly noteworthy as the total UK new car and van market only grew by 18 per cent during the same period.
One of the key factors contributing to Renault UK’s success was the surge in new registrations of Renault-branded cars, which rose by an impressive 51 per cent from 46,490 in 2022 to 70,326 in 2023. This growth rate was second only to MG, as reported by City AM. Despite the challenging market conditions, Renault UK managed to increase its market share from 2.1 per cent in 2022 to 2.5 per cent in 2023, outperforming the overall retail market.
The company’s pre-tax loss also decreased year on year, shrinking from £47.2m in 2022 to £32.7m in 2023. However, Renault UK’s profit was impacted by the increased cost of sales, which rose from £1.4bn to £1.9bn. In response to these positive results, Renault UK released a statement highlighting the strong performance of its models Clio and Captur, as well as the successful launch of the new SUV Austral in 2023.
Looking ahead, the Paris-based Renault Group is gearing up for a ‘product offensive’ with plans to roll out seven new models by the end of 2024. This includes the launch of two new hybrid cars, the Rafale E-TECH and Symbioz, as well as the new Renault Master available in both internal combustion engine and fully electric versions. The group’s CEO, Thierry Pieton, expressed confidence in the upcoming launches and emphasized the importance of flexibility in adapting to the changing landscape of the automotive industry.
Overall, Renault UK’s impressive sales performance in 2023 and the Renault Group’s strategic plans for future growth demonstrate a commitment to innovation and adaptability in a competitive market. Stay tuned for more updates on Renault’s exciting developments in the automotive industry.