Renault swings back to profit after 2 years of loss on chip supply issues

Renault said on Friday it returned back to the black in 2021, beating expectations and reversing out of two straight years of losses aggravated by the coronavirus pandemic and subsequent chip supply issues weighing on the auto industry.

The French carmaker reported a group share of net profit of 888 million euros ($1.0 billion), beating expectations from the analysts polled by Refinitiv, who had seen the figure at 818.7 million euros.

The boost follows the start of a vast restructuring to reduce fixed costs and refocus on Renault's most profitable car models and markets.

"Renault Group largely exceeded its 2021 financial targets despite