PARIS (Reuters) - Renault's revenue rose 11.7 percent in the first quarter on strong European demand, the French carmaker said on Thursday.
Revenue increased to 10.5 billion euros ($11.86 billion) in January-March from 9.39 billion a year earlier, the company said in a statement.
Renault is ramping up its low-cost offering in Europe and Asia. The French carmaker is investing more than $1 billion in the supplier network supporting its Moroccan plants, while its Kwid mini-SUV has proved a hit in the difficult Indian market.
Analysts had expected sales of 10.29 billion euros for the quarter, based on the median of eight analyst estimates in a Reuters poll.
Renault raised its 2 percent European market growth forecast for 2016 to 5 percent, while cutting its Brazilian market growth forecast to a fall of 15 to 20 percent from a fall of 6 percent previously.
Also Read
($1 = 0.8854 euros)
(Reporting by Mathieu Rosemain and Gilles Guillaume; editing by Michel Rose)
