STORY: EVs and other new models are driving a rebound at Renault.

The French automaker said Thursday (April 20) that revenue jumped 30% over the first quarter, beating forecasts.

Its new Austral SUV and an electric version of its Megane model were among the drivers.

That saw sales jump more than 14%, after four consecutive years of declines.

Renault was hit harder than most rivals by global lockdowns and the shortage of computer chips.

Now it’s in the middle of a turnaround plan, and is betting on EVs and higher-margin vehicles to boost profits.

It’s also ramping up product launches, with 12 new models to debut in 2024.

The company was an early mover in the electric revolution, with models like the compact Zoe.

But it then struggled in the face of Tesla’s meteoric rise.

Now Renault says it won’t try to match its U.S. rival in drastically cutting prices.

The company said it didn’t want to get into a downward “spiral”.

Even so, shares in the firm dropped around 7% in early trade on Thursday amid fears of a price war in the auto sector.