PARIS -- Renault said its global vehicle sales fell 21 percent to 2.95 million vehicles last year, due to the decline in the global automotive market triggered by the COVID-19 pandemic and a slowdown in world economies.
But the automaker said its turnaround plan was still on track. Renault is trying to turn around its performance after acknowledging that it had overstretched itself in an ambitious global expansion.
It has said a key element of the restructuring plan is a focus on profitability, not sales volume.
"We are starting 2021 with a higher level of orders than in 2019, a lower level of inventory and a higher price positioning across the entire range," CEO Luca de Meo said in a statement on Tuesday.