Renault's third-quarter revenue rose 6.7 percent as price increases helped overcome weaker emerging market sales. As Angeline Ong reports the French carmaker is now upgrading its European auto market growth forecast for the full year.
Our Market mover this morning - French carmaker Renault. Shares are up more than five percent - after third quarter revenue surged by almost 7 percent - helped by price increases and strong sales in Europe. It's not all plain sailing, though. While Renault's low-cost cars and emerging market presence helped it ride out a six-year slump - it's now grappling with weakening currencies and demand in many of its overseas markets. Arndt Ellinghorst, a London-based analyst at ISI Group, says: "Renault has the strongest product momentum of any EU mass maker and the average age of its fleet is declining." Renault raised its growth forecast for the European car market to 5 percent for 2014 this year - from the previous 3-4 percent estimate. BUT it's warning emerging markets would remain "adverse and volatile" for the rest of the year.