Canadian Manufacturing

Renault turns corner as 2014 profits doubled

New car and light truck sales climbed 3.2 per cent to 2.7 million vehicles

PARIS—French car maker Renault says its earnings soared last year thanks to lower restructuring costs, and forecasts further growth in 2015.

France’s number two car maker behind PSA Peugeot Citroen says net profit more than doubled to 1.89 billion euros ($2.1 billion) last year, while new car and light truck registrations climbed 3.2 per cent to 2.7 million vehicles. Renault’s 2013 earnings were weighed down by a 1.3-billion-euro restructuring charge.

The maker of the bestselling Clio hatchback forecast two per cent growth in Europe’s car market this year but warned it expects “high volatility” in its main emerging markets.

Europe’s car market grew 5.7 per cent in 2014, the first positive year-on-year result since the global financial crisis began in 2007.

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