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European recovery helps mitigate sales fall at France's Renault

PARIS, Oct 23 (Reuters) - French carmaker Renault posted an 8.2% fall in third-quarter revenues to 10.4 billion euros ($12.3 billion) on Friday, an improved performance compared to earlier in the year when dealerships closed under coronavirus lockdowns.

The company, which is embarking on a turnaround under new Chief Executive Luca de Meo to try and boost profitability, said in a trading update that it had taken market share in Europe, helped in part by sales of vehicles like its electric Zoe.

The revenue drop compared with a 35% fall in Renault’s overall sales in the six months to June.

The company, which was struggling with falling sales before the COVID-19 crisis hit, said in a statement it had drawn down 3 billion euros out of its 5 billion-euro loan guaranteed by the French state, an aid measure put in place amid the pandemic. ($1 = 0.8475 euros) (Reporting by Gilles Guillaume and Sarah White; Editing by Jacqueline Wong)

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