Renault SA unveiled on Friday that its revenue for the first half of the financial year surged 26.8% when compared to the same period last year to reach €23.4 billion, beating market expectations.

Meanwhile. the group's global sales also saw a yearly increase for the six-month period rising 18.7%, while total inventories dropped from 547,000 last year to 427,000. Renault's net income reached €368 million, rising significantly when compared to last year's net loss of €7.39 billion.

Renault expects to achieve its target of €2 billion in cost reductions a year ahead of schedule, and the group projected it will be able to achieve a full-year operating margin rate, despite the effects of the pandemic and the ongoing chip shortage.