Renault swings to growth after 4 years of sluggish volumes
Renault on Wednesday (Jan 17) posted an increase in its annual global sales volumes, returning to growth after four consecutive years of decline attributable to its strategic repositioning, its exit from the Russian market and supply chain snags.
The group saw its volumes slump nearly 6 per cent in 2022, a year heavily hit by chip shortages, after setting a sales record of 3.88 million vehicles – cars and vans – in 2018.
After facing a slump in several of its markets, Renault decided to ramp up its sales ambitions by reducing its range and refocusing, under CEO Luca de Meo’s leadership, on the most profitable markets and models.
The carmaker’s flagship Renault brand, which accounts for more than two-thirds of group sales, recorded a 9.4 per cent increase in 2023 sales to 2,235,345 vehicles, while its low-cost brand Dacia achieved 14.7 per cent growth over the same period.
The group’s order book in Europe represents 2.5 months of forecast sales at the end of December 2023, Renault added. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Maersk raises full-year profit guidance after strong quarter
ST Engineering bags more than S$175 million in contracts to upgrade Singapore’s public bus fleet
Hot stock: Nio climbs about 19.8% on stronger vehicle delivery performance
Cruise operator Norwegian lifts 2024 profit view, but Q1 sales miss hits shares
China’s electric cars keep improving, a worry for rivals elsewhere
Singapore Airlines could post highest-ever earnings of about S$2.7 billion for FY2024, says analyst