PARIS -- Renault's revenue fell in the third quarter, weighed down by a drop in production at partners Nissan and Daimler, declining demand for diesel engines and a slowing global market.
Revenue declined by 1.6 percent to 11.296 billion euros, Renault said in a statement on Friday.
Third-quarter vehicle sales were down 4.4 percent to 852,198 units.
Vehicle deliveries in Europe dropped 3.4 percent percent, even as the market rose 2.4 percent, the company said, blaming a strong year-ago comparison and the new revamped Clio model still in the process of rolling out in the region. Some versions of the new Clio small hatchback have experienced delays, a spokesman said.
The decline mostly affected the Renault brand, with vehicle sales down 10 percent. At the low-cost Dacia nameplate, deliveries jumped 9.3 percent.
In China, the world’s biggest car market where Renault has struggled to grow beyond a limited presence, sales plunged 16 percent, outpacing a market decline three-fold.
Issuing its quarterly results on Friday, Renault revised downwards its forecasts for the growth of the global auto market, saying it expected a year-on-year decline in 2019 of around 4 percent, compared to around 3 percent previously.
In a profit warning last week, Renault had said sales were likely to drop between 3 percent and 4 percent this year, compared with its previous forecast for a similar outcome to 2018.
The company also said last week its operating margin was set to come in at 5 percent, versus a previous 6 percent goal, as it struggles to contain research and development costs