French car maker Renault splits in five businesses to boost profit

French car maker Renault announced a major overhaul that will see it separate its activities in five businesses, deepen ties with China's Geely and spin off its electric vehicles unit through a stock market listing next year.

At a long-awaited investor presentation on Tuesday, Renault said it targeted operating margins of 8 per cent for 2025 and rising to more than 10 per cent in 2030, from 5 per cent expected this year.

It also plans to reinstate dividends from 2023 after a three-year hiatus, and generate more than €2 billion of cash annually between 2023-25, growing to more than