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The French automotive group has announced its 2021 financial results, reporting group revenue of €46.2 billion, an increase of 6.3% on 2020.
The group’s operating margin for the year was €1.7 billion (3.6% of revenue), up €2 billion over the previous year.
Automotive revenue, excluding Russian automotive company AvtoVAZ, amounted to €40.4 billion, up 7.1% compared to 2020.
Meanwhile, AvtoVAZ saw revenue increase by 10.4% to €2.85 billion, which the group put down to strong price increases and a product mix that more than offset the negative impact of currencies.
As of December 31, 2021, Renault’s total inventories of new vehicles (including the independent dealer network) represented 336,000 vehicles compared to 486,000 at the end of December 2020, or 53 days of sales.
In 2022, the group is aiming to achieve an operating margin superior or equal to 4% and an automotive operational free cash flow superior or equal to €1 billion.
These expectations come with the understanding that the automotive industry is still affected by the semiconductor crisis, particularly in the first half of 2022 with a total loss estimated at 300,000 vehicles, and by increasing raw materials prices.
Alongside its financial expectations, Renault Group has confirmed its goals for the Renault brand to be entirely comprised of electric vehicles in Europe by 2030. To this end, the company is exploring opportunities to bring together its electric vehicle activities and technologies within a dedicated entity in France.
Meanwhile, the group will look into another dedicated entity outside of France to bring together its ICE and hybrid engine activities and technologies “in order to strengthen the potential of Renault Group's technologies and know-how”.