Renault sales slide in first quarter

French automaker Renault on Wednesday said sales in the first quarter of 2013 fell 11.6 percent year-on-year to 8.27 billion euros ($10.7 billion) but maintained its outlook for the year.

Vehicle sales worldwide fell by 4.7 percent to 608,455 units, the company said, due to a poor performance in Europe where unit sales fell by 11.6 percent, worse than the overall market which was down 10 percent.

Renault added it believes the French and European markets will both contract by 5 percent this year, despite the global market expanding a projected 3 percent

Sales in the Americas fell, down 8 percent in an overall market rising 1.6 percent, which the company said was due to a plant renovation currently underway in Brazil.

Sales in Eurasia however skyrocketed 20.8 percent, well above the market rise of 1.8 percent and making Renault the biggest seller in Russia after domestic company Lada.