Sales at its flagship brand fell for a fourth consecutive year in 2022 to 1,466,729 units, excluding Russia, a 9.4% decline from 2021, the Renault group said on Tuesday.
The French carmaker, hit harder than most rivals by the Covid-19 crisis and supply chain snags due to chip shortages, is in the middle of a turnaround to boost profits.
The group is betting on higher-margin and electric cars to drive growth. It said in 2022 the Renault brand, which accounts for two-thirds of group sales, was the third European brand for electric vehicle sales behind Toyota and Tesla, with 228,000 units sold, an increase of 12% from 2021.
Its global market share was 4%, shrinking 0.5 percentage points from a year earlier. In the 10 top markets, the Renault brand scored an increase in sales in only two — Turkey and Colombia.
Sales fell 15% in its top market France, were stable in number-two market Brazil and fell 25% in the third most-important market, Germany. Including Russia, global sales declined by 15%.
Fabrice Cambolive, COO of the Renault brand, said he was optimistic things would improve this year as the company had a better portfolio and higher stocks.
However, he acknowledged that global price cuts announced recently by Tesla were an issue Renault, like rivals, would have to contend with.
"It's a move that is challenging everybody," he said.
In November, the Renault group unveiled a major overhaul that will see it separate its activities in five businesses, deepen ties with China's Geely and spin off its electric vehicles unit through a stock market listing this year. It is also in talks with Japanese partner Nissan to restructure a long-standing alliance.
Sacrebleu! Renault sales fall for fourth straight year
Image: Chesnot/Getty Images
Sales at its flagship brand fell for a fourth consecutive year in 2022 to 1,466,729 units, excluding Russia, a 9.4% decline from 2021, the Renault group said on Tuesday.
The French carmaker, hit harder than most rivals by the Covid-19 crisis and supply chain snags due to chip shortages, is in the middle of a turnaround to boost profits.
The group is betting on higher-margin and electric cars to drive growth. It said in 2022 the Renault brand, which accounts for two-thirds of group sales, was the third European brand for electric vehicle sales behind Toyota and Tesla, with 228,000 units sold, an increase of 12% from 2021.
Its global market share was 4%, shrinking 0.5 percentage points from a year earlier. In the 10 top markets, the Renault brand scored an increase in sales in only two — Turkey and Colombia.
Sales fell 15% in its top market France, were stable in number-two market Brazil and fell 25% in the third most-important market, Germany. Including Russia, global sales declined by 15%.
Fabrice Cambolive, COO of the Renault brand, said he was optimistic things would improve this year as the company had a better portfolio and higher stocks.
However, he acknowledged that global price cuts announced recently by Tesla were an issue Renault, like rivals, would have to contend with.
"It's a move that is challenging everybody," he said.
In November, the Renault group unveiled a major overhaul that will see it separate its activities in five businesses, deepen ties with China's Geely and spin off its electric vehicles unit through a stock market listing this year. It is also in talks with Japanese partner Nissan to restructure a long-standing alliance.
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