French carmaker Renault has posted a net profit of 2.12 billion euros in the first half of this year after a loss of 1.68 billion euros a year ago. Last year’s loss was due to the closure of operations in Russia, the company said today.
Revenues rose 27 percent year-on-year to €26.85 billion. “The Renault group achieved a record performance in the first half of 2023, both in terms of profitability and cash generation,” Renault chief Luca de Meo said. In this context, he pointed to the company’s ongoing cost-cutting efforts and its “unprecedented product offensive”. “Our fundamentals have never been so sound and strong,” he said.
Global sales up 13 percent
The company had already announced last week that it had increased global sales 13 percent year-on-year to 1.13 million vehicles in the first half of the year. Meanwhile, its full-year sales fell nearly six percent to 2.05 million vehicles last year, marking the fourth consecutive full-year decline.
This week, Renault entered into a final agreement with Japanese partner Nissan to modify their alliance. As part of the deal, Renault will reduce its stake in Nissan to 15 percent from its current 43.4 percent, while Nissan will retain its existing 15 percent stake in Renault. Nissan will also invest up to 600 million euros in Renault’s new electric vehicle division.
Source Czech Press Office