PARIS (AP) – French carmaker Renault said Friday that half of its models will be electric or hybrid by 2022 and it’s investing heavily in “robo-vehicles” with increasing degrees of autonomy.
A strategic plan released Friday aims to boost Renault annual revenues to 70 billion euros ($82.2 billion) by 2022 from 51 billion euros last year, in part through an effort to double sales outside its traditional markets in Europe – especially Russia and China.
The plans reflect the vision laid out last month by the Renault Nissan Mitsubishi alliance, the world’s No. 1 carmaker by sales. Many of Renault’s new aims depend on saving money through sharing platforms and development with Nissan and Mitsubishi.
CEO Carlos Ghosn said Renault is aiming to sell more than 5 million vehicles annually by 2022 from 3.2 last year
As regulators crack down on emissions from combustion engines and as drivers seek cars that can do more by themselves, Ghosn wants to position Renault as a major player in mass-market electric and driverless cars.