Renault says new models will lift 2024 sales

STORY: Renault expects its sales growth to accelerate this year as it launches a number of new models.

The French firm posted a 1.8% rise in first-quarter revenue to $12.5 billion on Tuesday (April 23) - just ahead of analyst forecasts.

High interest rates lifted income at its financing arm, while car sales volumes grew by 2.6% versus a year earlier.

Renault is in the middle of a turnaround plan and a shift to electric models.

It's launching seven new cars this year, including two fully electric ones and two hybrids.

But the global auto sector is bracing for a tough year due to slowing demand growth for EVs.

Leading EV maker Tesla is cutting prices in several markets, putting more pressure on European firms.

Tesla cut the price of its Model 3 to $39,990 in Renault's home market.

That matched the starting price of the French firm's new EV Scenic, which has a shorter range.

Sales volumes at Renault returned to growth last year after falling four years in a row.

The automaker also confirmed its forecast for this year.

It's aiming for an operating margin target of at least 7.5% and free cash flow of almost $2.7 billion.