Renault continued and extended implementation of its strategy for profitable growth throughout 2004. The number-one brand in Europe — and the only automotive manufacturer to line up seven vehicles with top five-star ratings in Euro NCAP crash tests — Renault placed third in the Formula 1 constructors’ championship and accelerated international growth. Developments included the launch of Logan and the deepening of its Alliance with Nissan. Results for the year bear out the pertinence of this strategy, with operating margin reaching 5.9% of revenues, making Renault one of Europe’s most profitable volume vehicle manufacturers.

Strategy is structured around five fundamental goals:
• Build recognition for our brand identity
• Be the most competitive manufacturer on our markets in terms of quality, costs and delivery times
• Extend our international reach
• Develop Renault’s core values
• Translate success into financial performance
Renault has thus chosen to present the business developments of 2004 in terms of these same objectives, as was already the case for our 2003 report.

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