Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
PARIS (AP) — French carmaker Renault has reported a sharp rise in its first-half profit as the European car market rebounded strongly in the period.
Renault on Thursday reported net profit of 1.4 billion euros ($1.5 billion), up from 749 million euros a year earlier.
The maker of the best-selling Clio and Megane said profit growth was driven by a stronger than forecast recovery in the European market.
European industry body ACEA said this month that passenger car registrations rose 8.2 percent in the first half to more than 7.1 million units. Renault's new registrations rose a modest 0.8 percent in the first half to 1.38 million units.
Renault forecasts the European car market to grow by at least 5 percent this year.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.