Renault will aim to cut its sales reliance on Europe with a new push in India and other emerging markets as analysts warn of the French carmaker’s high exposure to competition from far bigger Chinese rivals.
Under its new chief executive François Provost, the company will look to boost annual sales to more than 2mn vehicles, up from 1.6mn last year, and generate half of its sales outside Europe by 2030. Last year, it generated 62 per cent of sales in Europe where BYD, Chery and other Chinese brands have rapidly expanded their market share with affordable electric vehicles and hybrids.
“We will show that we are here for the long term and we will become the benchmark for the European automotive industry on the global stage,” Provost said.
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