Renault's Shares Soar 7% on Plans for Dividend Hike and Profit Turnaround

Renault's shares surged 7% after the carmaker announced plans to increase its dividend per share to 1.85 euros for the financial year. The company reported a full-year group operating margin of 7.9% and aims for double-digit margins by 2030. Despite slightly below-forecast net profit, Renault targets a group operating margin of at least 7.5% and free cash flow of 2.5 billion euros in 2024, focusing on upcoming vehicle launches, cost optimization, and accelerating its electric vehicle and software strategy. CEO Luca de Meo acknowledged the challenging market but expressed optimism due to upcoming product launches, including electric cars.