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Renault targets 44 percent sales increase by 2022

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Renault targets 44 percent sales increase by 2022

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PARIS (Reuters) – French carmaker Renault <RENA.PA> pledged to deliver a 44 percent sales increase by 2022 as it expands its car lineup for emerging markets and extends its low-cost edge into hybrid and electric cars. Renault is expected to grow faster than Nissan <7201.T>, according to the mid-term plan unveiled on Friday, as it chases its alliance partner’s lead in China and benefits from recent investments in Iran, India and a rebounding Russian market. The plan calls for Renault to increase sales to 5 million vehicles in 2022 from 3.47 million last year, while also pursuing a 7 percent operating margin and 70 billion euros ($82 billion) in revenue, goals that were both announced in February. Renault pledged on Friday that its margin would stay above 5 percent over the intervening year, as it pursues 4.2 billion euros in cumulative productivity gains and invests 18 billion euros in research and development. The Renault-Nissan-Mitsubishi alliance last month announced a sales goal of 14 million vehicles for 2022, to which the two Japanese carmakers would contribute a 9 million deliveries – an increase of about 37 percent on their combined total last year.

($1 = 0.8547 euros) (Reporting by Laurence Frost; Editing by Maya Nikolaeva)
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