Renault sets new car-sharing goals

Renault aims to expand its Mobilize car-sharing and leasing businesses, figuring people will increasingly avoid vehicle ownership.

The French brand is trying to expand emerging business areas, facing fierce competition selling mass market vehicles and challenges exiting Russia – its second-biggest market before the country’s war on Ukraine, Bloomberg reports.

The manufacturer is now considering separating its EV and internal combustion engine (ICE) companies, including an expected public listing in the second half of 2023.

Its chief executive Luca de Meo is under pressure to make good on promises to improve margins and cut costs, while facing a slump in European car sales and competition from rivals in rolling out new EV models and expanding into mobility services, Bloomberg explains.

It adds that Renault will transfer its 68% stake in Russia’s biggest carmaker Avtovaz to an auto research institute for one rouble, according to Russia.

Renault has also announced closer cooperation with Chinese automotive giant Geely Automobile Holdings, which is buying a 34% stake in its Korean unit.

Bloomberg says Renault’s financing arm RCI Bank and Services is changing its name to Mobilize Financial Services and it hopes to have a fleet of a million vehicles for leasing and 200,000 for subscription in 2030, by which year Mobilize plans to increase EV chargers to 165,000.