Renault plans China growth & more electric vehicles

 06 Oct 2017 - 23:31

Renault plans China growth & more  electric vehicles
Renault-Nissan Chairman and CEO Carlos Ghosn looks on during a press confrence on the Renault strategic plan "Drive the Future 2017-2022", at la Defense business district, in Paris, on October 6, 2017. AFP / Eric Piermont

AFP

Paris:  French automaker Renault, a leader in electric vehicles, on Friday announced plans to launch five new emissions-free models by 2022 and make a major push into China.

Renault CEO Carlos Ghosn said he aimed for annual sales of 5 million vehicles by 2022 -- a 44-percent increase on the 3.47 million units sold in 2016 -- and revenues of over 70 billion euros ($82 billion).

Renault, which is in an alliance with Japan's Nissan and Mitsubishi, wants to reduce its dependence on the European market, which accounted for over half of its sales last year.

Presenting the company's five-year strategic plan, Ghosn said he aimed to double sales outside of Europe, with a particular focus on China.

From 35,000 vehicles sold in the world's largest car market in 2016, the carmaker has set an ambitious target of over half a million vehicles in China by 2022 -- an increase of more than tenfold.

Key to its growth is its range of electric and low-cost cars.

From three currently, Renault aims to increase its range of emissions-free, battery-powered vehicles to eight in total by 2022.

"Yesterday we were pioneers (in electric cars), today we are world leaders," Ghosn said, referring to the Renault-Nissan-Mitsubishi alliance, adding that his goal was now to make clean-car technology profitable.

Renault, which posted profits of 3.54 billion euros last year, also plans to expand its highly successful low-cost Dacia range, he said.