Renault is witnessing continuous decline in its revenue. The company’s revenue declined from €43,474 million in 2020 to €41,659 million in 2021. With the fast-changing technological environment in the automotive industry, Renault is developing new strategies to revive its revenue and to stay competitive in the industry.
The company is strategizing to diversify and restructure its businesses across different value-chain of automotive industry. To implement the restructuring strategy, Renault is also partnering and collaborating with technology giants like Google and Qualcomm Technologies to develop technologically advanced offerings. Moreover, Renault is expanding its businesses outside Europe, through joint ventures and partnerships. The new corporate architecture is anticipated to improve the company’s financial performance.
Renault has been making efforts since a several months to establish a separate business unit for combustion engine. The new joint venture with Chinese firm Geely is another step in Renault’s strategy of business restructuring. The new company will be based in London, and shares will be held equally by the two companies. In addition, the new business will employ 19,000 people across 17 powertrain factories and three R&D hubs. Apart from Renault’s business restructuring strategy, Geely is developing strategies to broaden its operations outside of China, boost its clientele, and boost profitability.
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