PARIS -- Renault posted an 8.2 percent drop in third-quarter revenue on Friday in the first months of its turnaround attempt under new CEO Luca de Meo.
Renault said it had taken market-share in Europe, helped in part by sales of vehicles such as its Zoe full-electric small hatchback. Its European market share increased by 0.2 percentage points to 10.3 percent, the automaker said.
Revenue in the automotive division had been dented by lower volumes, the company said, but it benefited from a pricing effect, a key plank of de Meo's strategy as he tries to boost profitability by focusing on pricier models.
"This third quarter highlights the change in our commercial policy, which now focuses on profitability rather than volumes," de Meo said in a statement.
Renault has embarked on cost cuts to try and jumpstart its recovery after posting a record net loss of over 7 billion euros ($8.26 billion) in the first half. Renault does not report earnings on a quarterly basis.
The automaker was already struggling more than some rivals with falling sales before the coronavirus crisis hit, while trying to patch up a rocky relationship with its Japanese partner Nissan.
The group said overall revenues were 10.37 billion euros ($12.2 billion) in the July to September period. The 8.2 percent year-on-year drop was compared with a 35 percent fall in Renault's revenue in the six months to June.
Renault sold fewer passenger vehicles in the quarter, but sales of the Zoe more than doubled
Orders were 60 percent higher at the end of last month and inventories were down by about a fifth compared with last year, Renault said.