Renault increases mid-term sales amid plans to retain its lead in battery-powered vehicles
Renault will boost annual revenue by 2022 to ¤70bn as the world’s car makers move inevitably to electric vehicles
Paris — Renault increased its mid-term sales and earnings targets as part of the French car maker’s plan to protect its initial lead in battery-powered vehicles and keep pace with rivals in driverless models. Renault will boost annual revenue by 2022 to more than a previous target of ¤70bn ($82bn), and its margin in that year will exceed an earlier prediction of 7% of sales. The company will bring out eight pure electric models and 12 electrified vehicles in the period. "This new plan will unleash our full potential to innovate and grow in a rapidly changing industry," CEO Carlos Ghosn said in a statement on the car maker’s business plan. Renault and long-time partner Nissan Motor are under pressure to defend an early advantage in electric cars as Tesla rolls out the lower priced Model 3 and Volkswagen (VW) plans a ¤20bn push into making electric cars for the masses. While the Renault-Nissan alliance have sold the most battery-powered vehicles in the industry to date, the advantage ...
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