There will be “no turning back” for the Renault Group, CEO Luca de Meo has said, as the firm set a new record for operating margin (profit) per vehicle during 2022.
It generated €46.4 billion (£41.8bn) in revenue during 2022, an 11.4% improvement on the previous year.
Its operating margin stood at €2.6 billion (£2.3bn), up €1.4bn (£1.2b) year on year.
Such success came despite a €2.3bn (£2.0bn) loss from the sale of Renault’s Russian operations, including a 67.69% stake in Avtovaz.
De Meo said: “2022 has more than kept its promises. With results above our initial objectives and market expectations, we completed the ‘Resurrection’ phase [of the Renaulution strategy] three years ahead of schedule.
“This performance reflects the energy and hard work of the Renault Group’s teams even as we have faced strong headwinds related to the disposal of our operations in Russia, the semiconductor crisis and cost inflation.
“Renault Group’s fundamentals have been thoroughly cleaned up and there will be no turning back.”
The firm cited a strong product mix, bolstered by new model launches – namely the Dacia Jogger, Renault Arkana and Renault Mégane E-Tech Electric – as a factor in its success.
The Mégane recorded 33,000 sales across Europe, while the Jogger took 57,000 and the Arkana 86,000.
Sports car brand Alpine also set a new all-time high for sales, with 3546 units of the A110 coupé leaving showrooms.
Such demand means that the Renault Group’s order books are currently the largest they have ever been.
The group also made progress with electrification: Renault’s E-Tech hybrid and electric models comprised 39% of its overall sales in Europe, rising to 65% for the Arkana crossover.