From NBC Universal:

Shares of Renault rose as the automaker proposed raising its dividend per share to 1.85 euros, up from 0.25 euros previously. The company reported a full-year group operating margin of 7.9% and reiterated its target of double-digit margins by 2030. Group revenue rose 13% to 52.4 billion euros, with net profit slightly below forecasts.

Renault’s stock climbed 6.9% in morning trade as the company aims for a group operating margin at or above 7.5% and free cash flow of at least 2.5 billion euros in 2024. The automaker plans to focus on 10 upcoming vehicle launches, optimizing cost structure, and accelerating its electric vehicle (EV) and software strategy.

Renault CEO Luca de Meo told CNBC that the company’s guidance was “relatively prudent” amid a challenging market. Shareholders welcomed the proposed dividend increase and the improvement in operating margins. The company saw an uptick in shares after scrapping plans to list its new electric vehicle and software business. Competitors driving down prices have made the EV space challenging for Renault.



Read more: Renault shares up 7% as carmaker plans dividend hike