Renault sees a double digit margin for its Mobilize brand in 2027

div classBodysc17zpet90 cdBBJodivpPARIS Reuters – French carmaker Renault said it was targeting a doubledigit margin for its new Mobilize brand, which proposes new solutions around mobility and data, and that ‘Mobilize’ would aim to represent 20 of Renaults overall group turnover by 2030.p

pThe company is counting on this new business to help turn around its finances. In February, Renault posted an annual profit for the first time in three years. But its sales fell for the third straight year in 2021.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pAs a sign of its upcoming importance in Renaults strategy, Mobilize detailed its own midterm strategy plan on Tuesday.p

p“Mobilize sells services, not vehicles, generating recurring income and reducing costs of usage for our customers. We have decided to cover the sections of the mobility value chain presenting the highest growth and margin potential,” said Clotilde Delbos, chief executive of the Mobilize arm.p

pThe Mobilize brand is part of Renaults electric vehicle strategy as it seeks to achieve carbon neutrality in Europe by 2040.p

pEarlier, Renault said it would sell just over a third of its Korea unit to Chinas Geely Automobile Holdings for roughly 200 million, freeing up funds to invest in its lagging core markets and electric business.