Renault to rely on low-cost and e-cars to boost sales

PARIS: French carmaker Renault expects a first-mover edge in electric cars and a wider vehicle line-up for emerging markets to help it deliver a 44 per cent sales increase by 2022. Electric cars are “turning into a significant contributor to our performance while other automakers are just starting the journey”, Chief Executive Carlos Ghosn said on Friday. Renault’s mid-term plan shows it growing faster than alliance partner Nissan, which it trails in China, due to recent investments in Iran and India and a Russian rebound.

While taking a lead in electric vehicles had come at the expense of profitability, Ghosn expects to turn this around by rolling out eight new battery-powered models and 12 hybrids.

“Our vision now is a profitable core business.”

Renault plans to increase sales to 5 million vehicles in 2022 from 3.47 million last year — while also targeting a 7 per cent operating margin and 70 billion euros ($82 billion) in revenue, goals that were announced in February. - Reuters