Renault has reported its first annual revenue in two years as value chopping and a give attention to its extra profitable fashions offset the worldwide chip scarcity that has beset the automobile business.
The French carmaker’s web revenue was €967mn final yr, a pointy reversal from an €8bn loss in 2020, when the lockdowns designed to stem the unfold of coronavirus hammered producers.
The group, which additionally misplaced cash in 2019, stated on Friday {that a} turnround technique primarily based on delivering “worth over quantity” was forward of schedule. Renault is aiming to chop its break-even level on a automobile by 40 per cent.
“Renault Group largely exceeded its 2021 monetary targets regardless of the influence of semiconductor shortages and rising uncooked materials costs,” stated Luca de Meo, chief government. “This displays the sustained tempo of the in-depth transformation of the group.”
Its revenue margins hit 3.6 per cent final yr, forward of the two.8 per cent it had forecast, and the group is focusing on 4 per cent this yr. Gross sales rose 6 per cent to €46.2bn, because the carmaker benefited from the reopening of main economies.
Nevertheless, Renault warned it nonetheless anticipated to provide 300,000 fewer automobiles this yr as a result of chip shortages that dogged the business over the previous yr.
A couple of third of its automobiles offered in Europe final yr contained hybrid energy, serving to the group meet CO2 targets set by EU authorities.
