Renault CEO questions wisdom of electric vehicle price cuts
Publishing timestamp: 2023-02-16 12:46:59
Summary
Renault CEO Luca de Meo questioned the wisdom of price cuts rivals have been implementing in bid to bolster market share for their electric vehicle fleets. Renault posted record cash flow of 2.1 billion euros and announced dividend. De Meo signaled that sales price volatility could erode consumer confidence in EV products. Nissan earlier this month pledged to buy stake of up to 15% in Renault's electric unit Ampere as part of broader overhaul of companies' 24-year union. Renault reported that its group operating margin doubled to 5.6% in 2022 from 2.8% year prior. Renault targets group operating margin at or above 6% in 2022 along with operational free cash flow at or above 2 billion euros. It also put forward dividend of 25 euro cents per share for fiscal 2022.
Sentiment: NEUTRAL
Keywords: business news, autos, climate, ford motor co, renault sa, tesla inc,
Source: https://www.cnbc.com/2023/02/16/renault-ceo-questions-wisdom-of-electric-vehicle-price-cuts.html