Renault reports rise in 2017 sales and expects more progress in 2018

PARIS (Reuters) - French carmaker Renault (RENA.PA) reported a rise in its global sales for 2017 and expected more growth this year, thanks to expectations of higher sales in overseas markets and due to its renewed range of models.

Renault said the overall group sold 3.76 million vehicles in 2017, up 8.5 percent from the previous year, with record sales levels for its Renault and Dacia brands.

The company added it expected the global car market to grow by 2.5 percent in 2018 compared to 2017.

While the European car market was also expected to expand by 1 percent, the Russia market was seen growing by 10 percent, while Brazil, China and India were also expected to have growth of between 5-6 percent, Renault added.

"We are continuing to increase sales volumes and market share across all regions. Our strategy of range renewal and geographic expansion is continuing to bring results. In 2018, we will pursue our growth and internationalization of our sales in line with the Drive The Future plan," said Groupe Renault Executive Committee member Thierry Koskas in a statement.

Last October, Renault presented its "Drive The Future" company strategy plan, under which Renault plans to increase annual sales to 5 million vehicles by 2022 while also aiming for a 7 percent operating profit margin and 70 billion euros (£62.17 billion) in revenue.

(Reporting by Gilles Guillaume and Sudip Kar-Gupta; Editing by Leigh Thomas)