Equity Snap: Renault (RNO FP): 2Q26 deliveries – first take

研报英文原文证据摘录

Equity Snap: Renault (RNO FP): 2Q26 deliveries – first take

23 July 2026

Equity Snap: Renault (RNO FP) Equities Automobiles

2Q26 deliveries – first take France

◆ Q2 group volumes up 13% QoQ marginally above HSBC and Pushkar Tendolkar*

VA consensus; Renault brand strong, Dacia improving QoQ GlobalHSBC SecuritiesAutos Analystand Capital Markets (India) Private

Limited

pushkarnarendratendolkar@hsbc.co.in

Renault (RNO FP, EUR26.36, Buy, TP EUR43.00) +91 80 4555 2752

(Priced as of 22 Jul 2026) Michael Tyndall*, CFA

Senior Global Autos Analyst

2Q26 deliveries: Group deliveries for June up 5.1% YoY. That takes Q2 deliveries to HSBC Bank plc

242.6k, up 2.2% YoY and 13.3% QoQ which is largely in line with the run-rate implied michael.tyndall@hsbc.com

+44 20 3359 6301

by the data for individual country markets. This is marginally above our and

Alice Martin*

consensus expectation of +12% QoQ. Global Autos Analyst

HSBC Bank plc

LCV sales growing YoY but growth rate now down from double digit levels: alice.martin@hsbc.com

+44 20 7992 0175

Implied LCV sales in Europe were up 8% YoY in June and follow a 1% increase in

May, a slowing down of the run-rate from the 15-20% levels in Jan-Apr. June was

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

particularly weak last year (down 40%), implying a weak base for this year. On the not registered/ qualified pursuant to FINRA regulations

pre close call, a softer May was attributed to two fewer business days and focus on

value over volume (avoiding business with large discounts).

Brands: Renault brand sales in Q2 up 3% YoY (+9% QoQ), Dacia flat YoY (up 25%

QoQ, recovering from weather-related issues in Q1). On the pre-close call the

company had indicated that Dacia currently suffers from a lack of offer in the BEV