PARIS — Renault said 2022 saw its fourth consecutive year of decline in sales of its major brands, to 1.47 million units excluding Russia, down 9.4% from 2021.
Automakers, which have been hit harder than most rivals by supply chain disruptions caused by the COVID-19 crisis and chip shortages, are in the midst of a turnaround to boost profits.
The group is betting on high-margin cars and electric vehicles to drive growth.
In a statement, Renault said its core brand, which will account for two-thirds of the group’s sales in 2022, will increase by 12% from 2021 to 228,000 units, making it Europe’s third-largest electrified vehicle brand after Toyota and Tesla. said it was.
Global market share was 4%, down 0.5 percentage points from the previous year.
Of the top 10 markets, the Renault brand saw sales growth in only two countries: Turkey and Colombia.
Sales were down 15% in top market France, but were stable in secondary market Brazil. Germany, the third largest market, was down 25%.
Including Russia, worldwide sales were down 15%.
Renault brand chief operating officer Fabrice Cambolieve said he was optimistic that this year would improve as the company’s portfolio improved and inventories increased.
But he acknowledged that Tesla’s recently announced global price cuts are an issue that Renault, like its rivals, will have to grapple with.
“This is a challenging move for everyone,” he told reporters on a conference call.
In November, the Groupe Renault announced a major overhaul, splitting its operations into five businesses, deepening its ties with China’s Geely and spinning off its electric vehicle division through a stock market listing this year.
The automaker is also in talks with Japanese partner Nissan to re-establish a longstanding partnership.