Renault Says Targets Tougher as European Sales Falter
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[08/29/2007] Aug. 29 (Bloomberg) -- Renault SA, France's second- largest carmaker, said sluggish auto demand in Europe will make it tougher for the company to meet its 2009 vehicle- sales target. The stock fell as much as 4.8 percent.
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Aug. 29 (Bloomberg) -- Renault SA, France's second- largest carmaker, said sluggish auto demand in Europe will make it tougher for the company to meet its 2009 vehicle- sales target. The stock fell as much as 4.8 percent.
Renault said last year it aims to sell 3.33 million vehicles in 2009. Chief Executive Officer Carlos Ghosn said today that achieving the goal requires ``unprecedented'' growth, while reiterating that it should still be achieved.
``It would have helped if the European market was showing strong growth,'' Ghosn said at a briefing near Salzburg, Austria. ``It's a difficult objective, not at all straightforward, and it will require a lot of pressure, above all on our sales teams in all countries, but there's no reason to revise the target.''
Renault's share of European auto sales fell in the first half as competitors beat it to the market with new cars. Sales should begin to recover by October, Ghosn said today, boosting market share next year as the Boulogne-Billancourt-based company benefits from introducing models of its own.
Renault shares fell as much as 4.8 euros to 94.52 euros and were trading down 3.3 percent at 96.05 euros as of 11:51 a.m. in Paris. The stock has added 5.6 percent this year for a market value of 27.4 billion euros ($37 billion). PSA Peugeot Citroen, France's biggest carmaker, has advanced 20 percent.
Twingo, Laguna
Renault introduced the Twingo II small car in June following a one-year delay. Paris-based Peugeot Citroen added the C4 Picasso and Fiat SpA, the Italian No. 1, introduced the Grande Punto hatchback.
Renault is promising a further 25 models and variants by 2009, led by the Laguna III midsized hatchback due in October as Ghosn pushes into larger, pricier vehicles. The CEO was speaking today at a test-drive event in the Alps prior to the car's first public outing at the Frankfurt Motor Show next month.
Ghosn said in the briefing that there is ``very little chance'' of plant closures before 2009, even though some factories in Western Europe are running well below capacity.
Renault said last year it aims to sell 3.33 million vehicles in 2009. Chief Executive Officer Carlos Ghosn said today that achieving the goal requires ``unprecedented'' growth, while reiterating that it should still be achieved.
``It would have helped if the European market was showing strong growth,'' Ghosn said at a briefing near Salzburg, Austria. ``It's a difficult objective, not at all straightforward, and it will require a lot of pressure, above all on our sales teams in all countries, but there's no reason to revise the target.''
Renault's share of European auto sales fell in the first half as competitors beat it to the market with new cars. Sales should begin to recover by October, Ghosn said today, boosting market share next year as the Boulogne-Billancourt-based company benefits from introducing models of its own.
Renault shares fell as much as 4.8 euros to 94.52 euros and were trading down 3.3 percent at 96.05 euros as of 11:51 a.m. in Paris. The stock has added 5.6 percent this year for a market value of 27.4 billion euros ($37 billion). PSA Peugeot Citroen, France's biggest carmaker, has advanced 20 percent.
Twingo, Laguna
Renault introduced the Twingo II small car in June following a one-year delay. Paris-based Peugeot Citroen added the C4 Picasso and Fiat SpA, the Italian No. 1, introduced the Grande Punto hatchback.
Renault is promising a further 25 models and variants by 2009, led by the Laguna III midsized hatchback due in October as Ghosn pushes into larger, pricier vehicles. The CEO was speaking today at a test-drive event in the Alps prior to the car's first public outing at the Frankfurt Motor Show next month.
Ghosn said in the briefing that there is ``very little chance'' of plant closures before 2009, even though some factories in Western Europe are running well below capacity.
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