French carmaker Renault has just released its 2010 financial results and revealed its long-term growth plans.
Net profit last year was 3.42 billion euros, compared with a 3.13 billion euro loss in 2009.
Renault wants to boost sales to more than three million vehicles in 2013, concentrating on emerging markets, and increase its operating margin from three to five percent.
Renault, whose partner is Japan’s Nissan, said it expected Brazil to overtake Germany as its second biggest market by 2013 and forecast Russia would by then be its fourth largest market. India will rise 20 places to be its eleventh market by 2013.
But Chief Executive Carlos Ghosn said Renault does not plan to enter the Chinese market, which is now the world’s largest, in the next two years.
Renault and Nissan are betting heavily on electric vehicles, investing four billion euros jointly in the technology. Renault believes that with Nissan it should be able to sell a cumulative 1.5 million electric vehicles worldwide by 2016.
Renault shares fell after the results and plans were released.