Renault 2005 vehicle sales up 1.7 percent
JAN. 4 9:59 A.M. ET French car maker Renault SA on Wednesday reported a 1.7 percent increase in its 2005 vehicle sales to 2.53 million units, with overseas sales more than compensating for weakness in European markets. Renault shares edged down after the announcement and dipped further to 70.45 euros ($83.66), or 1.8 percent below Tuesday's close, after the company issued a correction stating that 2006 European sales were expected to remain flat rather than "grow slightly" -- as its earlier statement had said. Renault blamed the discrepancy on a translation error. The car maker, the second-largest in France, said it expects Central and Western European markets to remain fiercely competitive as car makers battle to win customers by offering discounts, free equipment and cheap financing. Volume sales in the regions fell 4.1 percent to 1.84 million units in 2005, while sales outside the regions rose by 21 percent to 688,152, the company said Wednesday.
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