Renault on Wednesday posted an increase in its annual global sales volumes, returning to growth after four consecutive years of decline attributable to its strategic repositioning, its exit from the Russian market and supply chain snags.

The group saw its volumes slump nearly 6% in 2022, a year heavily hit by chip shortages, after setting a sales record of 3.88 million vehicles - cars and vans - in 2018.

After facing a slump in several of its markets, Renault decided to ramp up its sales ambitions by reducing its range and refocusing, under CEO Luca de Meo’s leadership, on the most profitable markets and models.

The carmaker’s flagship Renault brand, which accounts for more than two-thirds of group sales, recorded a 9.4% increase in 2023 sales to 2,235,345 vehicles, while its low-cost brand Dacia achieved 14.7% growth over the same period.

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The group’s order book in Europe represents 2.5 months of forecast sales at the end of December 2023, Renault added.