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After one of its toughest years in history, the global vehicle industry is roaring back as lockdown-weary and public-transport-leery consumers swarm showrooms. The biggest carmakers have reported double-digit jumps in first-quarter revenue, even as they battle a semiconductor shortage that’s forced production cutbacks. And booming sales mean they can move the metal without discounts, spurring several to raise their profit forecasts for the year.

The outlier in all this is France’s Renault SA, which saw revenue fall 1% in the quarter after losing almost $10bn in 2020...

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