(Update: Statement from Renault CEO on revenue targets and Mobilize CEO who says a listing is not planned “at this stage”)
PARIS (Agefi-Dow Jones)–The car manufacturer Renault delivered on Tuesday the objectives and strategy of Mobilize, its division dedicated to mobility and energy services.
Mobilize expects to reach a breakeven operating margin in 2025, then each of its activities will have to achieve “double-digit profitability” in 2027, the group announced. These objectives do not include financial services.
Mobilize expects to represent approximately 10% of Renault’s total revenue by 2025 compared to 6% in 2021. By 2030, Mobilize will then have to contribute to the group’s turnover by “at least 20%” of the total, said Luca de Meo, Renault’s chief executive, during a virtual conference with analysts and journalists.
To achieve these objectives, Mobilize will develop a strategy focused on all services around the vehicle (VaaS, vehicle as-a-service).
“With the VaaS model and based on an integrated software ecosystem, we offer a range of services ranging from financing solutions to insurance, energy and maintenance”, explained the general manager of Mobilize , Clotilde Delbos, quoted in a press release. “The vehicle becomes a service platform, making it possible to multiply by three the turnover generated during its life cycle”, she underlines.
RCI Bank and Services changes its name
In long-term rental, Mobilize expects to reach a fleet of 1 million rental vehicles and 200,000 in subscriptions by 2030.
At the same time, Mobilize aims to have a fleet of 150,000 to 200,000 vehicles used by mobility operators, ie taxis and transport cars with driver (VTC).
Mobilize has also set a target of 165,000 charging stations installed in 2030, compared to 22,0000 in 2021.
Mobilize will also strengthen its ties with RCI Bank and Services, Renault’s financial services division. To mark this shift, RCI Bank and Services is changing its name to become Mobilize Financial Services. RCI Bank and Services will also extend its range of services, particularly in insurance and payments.
Clotilde Delbos indicated during the group’s virtual conference that Mobilize was planning investments of around 100 million euros per year, excluding Mobilize Financial Services.
Asked by an analyst about a potential Mobilize IPO, Clotilde Delbos said that such a project was not planned “at this stage”. Nevertheless “we will probably be looking for partners” to help Mobilize finance its growth, added the leader.
Clotilde Delbos also assured that the rise of mobility services would not cannibalize Renault vehicle sales. “It’s not the same needs or the same customers,” she said.
-Julien Marion, Agefi-Dow Jones; +33 (0)1 41 27 47 94; [email protected] ed: LBO – ECH
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May 10, 2022 05:58 ET (09:58 GMT)