Renault-Nissan overtakes VW to become world's no.1 carmaker

Renault-Nissan has overtaken Volkswagen to become the world's no.1 carmaker in terms of sales in 2017. 

While Nissan registered record global sales of 5.82 million last year, Renault clocked 3.76 million units. In 2016, the group acquired a controlling stake in Mitsubishi. The Japanese brand sold 1.03 million vehicles in 2017 bringing the group's final sales tally to 10.61 million units. 

Renault-Nissan is hoping to increase its annual sales volumes to 14 million units by 2022. The carmaker is aiming to double its savings to US$ 12 billion by then. Renault-Nissan is trying to increase sales volumes to achieve economies of scale and cut costs by sharing platforms and vehicles parts across its brands. Through this, the company is attempting to reduce R&D and manufacturing costs and increase profitability.

The Volkswagen Group comprising of Audi, Porsche, Skoda and Seat registered combined sales of 10.53 million units in 2016. Toyota sold 10.2 million cars in 2017 and was placed third.

Source: Reuters