Renault says sales fell 21% in 2020, but recovery is on track

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The company said last year’s global total sales were 2.949 million vehicles. Renault’s sales decline in Europe was 25.8%, slightly underperforming the European automotive market as a whole.


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Renault said last year’s global total sales amounted to 2.949 million vehicles

French automaker Renault said on Tuesday that its global sales fell 21.3% last year, underperforming a decline in the global auto market triggered by the COVID-19 pandemic and a slowdown in global economies. But the company, which is trying to turn around its performance after acknowledging it has overextended itself over years of ambitious global expansion, said its turnaround plan is still on track.

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He said a key part of this plan was the focus on profitability, not sales volume.

“We start 2021 with a higher level of orders than in 2019, a lower level of stock and a higher price positioning across the range,” CEO Luca de Meo said in a statement.

The company said last year’s global total sales were 2.949 million vehicles. Renault’s sales decline in Europe was 25.8%, slightly underperforming the European automotive market as a whole.

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But sales of electric vehicles in the region were strong, increasing 101.4% from 2019 to 115,888.

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Last year Renault announced plans to cut around 15,000 jobs, cut production and restructure French factories to save € 2 billion.

Like its Japanese partner Nissan, Renault is back on an aggressive expansion plan pursued by Carlos Ghosn, its former boss who has become a fugitive.

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The duo were among the world’s weakest automakers in the COVID-19 crisis, lacking a clear plan to use their alliance to emerge from the crisis and share the burden of investing in electric vehicles and other technology.

Renault shares rose 0.7% at the start of the session in Paris after the publication of sales figures.

(This story was not edited by The Bharat Express News on Social Platforms.)

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