© Reuters. The Renault logo on the Renault Scenic Vision concept-car is seen at its exhibition space, at the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit T
PARIS (Reuters) – French carmaker Renault (EPA:) said sales at its flagship brand fell for the fourth consecutive year in 2022 to 1,466,729 units excluding Russia, a 9.4% decline from 2021.
The Renault group, which fared worse than most rivals during the COVID-19 crisis and supply chain snags caused mainly by a chip shortage, is in the middle of a turnaround in a drive to boost profits.
In November, it unveiled a major overhaul that will see it separate its activities in five businesses, deepen ties with China’s Geely and spin off its electric vehicles unit through a stock market listing this year. It is also in talks with Japanese partner Nissan (OTC:) to reboot their long-standing alliance.
Renault is betting on higher-margin and electric cars to drive growth. It said that in 2022 the Renault brand, which accounts for two-thirds of group sales, was the third European brand for electrified vehicle sales with 228,000 units sold, an increase of 12% from 2021.
Its global market share was 4%, shrinking 0.5 percentage points from a year earlier.
Be the first to comment