Renault rides unexpectedly strong EU wave in Q1

A better than expected performance by the European vehicle market sent Renault confessing that it may have been overly cautious in its earlier outlook. The OEM, which still relies heavily on Europe for most of its growth, recorded a strong first quarter (Q1) as a result of it. Group revenue in the January-March period rose 11.7% year-on-year to €10.489bn (US$11.79bn), with a 12.6% rise from Automotive revenue alone to €9.942bn. Global volumes jumped 7.3% in an industry that was up just 1.5%, propelling Group market share up 0.2 points to 3.1%.