SUV demand helps French carmaker Renault post record profit

Renault reported first-half group revenue of €27bn, broadly in line with analyst estimates.

French carmaker Renault has posted its highest ever profitability in the first half of the year as the company benefited from lower raw material prices and robust demand for more expensive sport utility vehicles like the Austral and Espace.

Renault, like its peers Stellantis and Volkswagen, is navigating a challenging market in Europe, where demand for electric vehicles is slowing. Chief executive of the company Luca de Meo is betting on 10 new products this year including the battery-powered Renault 5 to re-energize sales.