The company, whose stable includes the low-cost Dacia and sporty Alpine brands, earned a net profit of €2.2 billion (US$2.4 billion) last year after suffering heavy losses in 2022 due to writing off its Russian assets.

Renault also turned around four years of declining sales volumes, managing a 9% increase to 2.2 million.

Sales revenue rose by 13% to €52.4 billion as the company was able to raise prices and sold more high-end vehicles.

Its operating margin, which compares operating profit to sales revenue, struck a record 7.9%.

“This is a day to be immensely proud, with historic results for our group,” chief financial officer Thierry Pieton told a news conference.

“It demonstrates the success of our new model line-up,” he added.

The automaker plans to launch 10 new vehicles this year and maintain its operating margin at above 7.5%, thanks in part to cost reductions.

“Our fundamentals have never been so solid and there is no question of stopping here,” said chief executive Luca de Meo.

The 2023 result includes the contribution of €797 millions from its partnership with Nissan.

The sale of part of its stake in the Japanese automaker brought in €764 million alone.

Management proposed a dividend of €1.80 per share.