French car maker Renault said on Thursday revenues had grown by 30 per cent in the first quarter thanks to a rebound in sales and higher prices.

Boosted by the launch of several premium models, including the electric version of Megane, Arkana and Austral, the group posted a 14.1 per cent increase in sales over the period to 535,000 units, after four consecutive years of declines.

Revenues came in at 11.5 billion euros ($12.60 billion), compared with an analyst consensus of 11.08 billion euros provided by the company.

The carmaker, which was hit harder than most rivals by the COVID-19 crisis and a global chip shortage, is in the middle of a turnaround and is betting on higher-margin and electric cars to boost profits.

The group is ramping up the launch of new models to spur growth. It plans to launch a SUV version of its Espace minivan and a restyling of its best seller Clio city car, and 12 new models in 2024.

Renault confirmed its targets for 2023, with the group operating margin seen at least at 6 per cent and an automotive operational free cash flow of at least 2 billion euros.

It said its orderbook in Europe stood at 3.3 months of sales at the end of Q1, and would remain above the target of 2 months through 2023. Overall sales in Europe rose by 27.3 per cent in the first three months of the year, outperforming a 16.2 per cent average increase for the market.