Renault has reported its first annual profit in two years as cost cutting and a focus on its more lucrative models offset the global chip shortage that has beset the car industry.
The French carmaker’s net income was €967mn last year, a sharp reversal from an €8bn loss in 2020, when the lockdowns designed to stem the spread of coronavirus hammered manufacturers.
The group, which also lost money in 2019, said on Friday that a turnround strategy based on delivering “value over volume” was ahead of schedule. Renault is aiming to cut its break-even point on a vehicle by 40 per cent.
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