French car manufacturer Renault announced today, Thursday, that it achieved an operating profit margin of 7.6 percent for the first half of the year, the highest ever recorded, and is already close to its target for 2025 thanks to rising prices of its new cars and cost reductions. CEO Luca de Meo stated in a statement: "These results are the fruits of our continuous efforts to reduce costs over the past three years and focus our strategy on value, along with the initial benefits derived from offering more competitive products."
The company also returned to recording a net profit in the first six months of the year until June, achieving a net income of 2.12 billion euros ($2.35 billion) after incurring a loss of 1.68 billion in the first half of 2022. The loss was a result of shutting down its Russian operations following the invasion of Ukraine. The company's highest margin was seven percent, recorded in the second half of 2017. It aims to achieve a margin of eight percent by 2025 and ten percent by 2030.
