June 29 Reuters Renault raised on Thursday its financial outlook for fullyear 2023 following the success of its new launches, in particular of SUV Austral and Dacia Jogger models.

The French car maker, which has been engaged for several years in a deep restructuring and a strategic repositioning to restore its margins, said it is now aiming for an operating margin of 7 to 8 by 2023, up from a previous target of more than 6.

Renault Group upgrades its financial outlook for the year, thanks to the continuous efforts to reduce costs and to the unprecedented product offensive in the Group39;s history, said Chief Executive Officer Luca de Meo in a press release.

The group also said it now expects Automotive operational free cash flow superior or equal to 2.5 billion euros 2.72 billion in comparison to the previous target of free cash flow superior or equal to 2 billion euros.

1 0.9189 euros

Reporting by Michal Aleksandrowicz in Gdansk; Editing by Muralikumar Anantharaman and Christopher Cushing

Source Reuters