Renault posts revenue drop in 3rd quarter

PARIS (AP) — Renault says its revenue slipped 3.2 percent in the third quarter even as the French carmaker sold higher numbers of vehicles, led by strong demand in Europe.

The maker of Clio and Twingo hatchbacks and sedans reported revenue of 8 billion euros ($11 billion) for the July-September period, down from 8.3 billion euros a year earlier. In a statement Thursday, Renault said its third-quarter performance was led by a 10.2 percent increase in sales in Europe, where the carmaker sees demand stabilizing at a low level after shrinking for years.

The company says it remains on track to achieve its targets, including higher overall sales in 2013 and a positive operating margin in its car business.

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