Renault says new Mobilize brand to account for 20% of overall sales

PARIS -- Renault said it was targeting a double-digit margin for its new Mobilize brand and that the business would aim to represent 20 percent of overall group turnover by 2030, as it unveiled new plans to boost growth at the division.

The automaker 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.

As a sign of its upcoming importance in Renault's strategy, Mobilize detailed its own midterm business plan on Tuesday.

"Mobilize is driving Renault's transformation towards the new mobility value chain, confirming its target of accounting for 20 percent of the group's turnover in 2030," the automaker said in a statement.

"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 Mobilize CEO Clotilde Delbos.

The Mobilize brand is also part of Renault's electric vehicle strategy as it seeks to achieve carbon neutrality in Europe by 2040.