French carmaker Renault said on Friday it expects a production loss of 500,000 vehicles this year due to a global semiconductor shortage and production shutdowns.

According to the company's latest financial statements, more than 170,000 units could not be produced in the third quarter, and the group sold 599,027 vehicles, a decrease of 22.3% compared to 2020.

Its sales in Europe, which constitutes 53% of its total sales, were down 26.3%, while international sales decreased by 17.3%.

Group revenues stood at €9 billion ($10.5 billion) in the third quarter, falling 13.4% year-over-year.

Turkey comes at sixth place among Renault Group's 15 major markets, with 86,894 vehicles sold in the first nine months of 2021.

The shortage of chips, which are used in brake sensors, power steering and parking cameras, among others, has led manufacturers worldwide to cut or suspend production, leading to a rise in vehicle prices.

"The actions taken to further lower costs and maximize the value of our production allow us to confirm our guidance for the year despite the deterioration in components availability in the third quarter and reduced visibility for the fourth quarter," said Clotilde Delbos, chief financial officer of Renault Group./agencies