Bolstered by a renewed range with the launch of six new products in 2009, the Group slightly increased its world market share by 0.1 point to 3.7%, in a market that shrank 4.5% (PC + LCV). The increase was more pronounced in the second half, with a 0.2-point rise. Market share grew in 11 of the Group’s top 15 markets, which account for 85% of Group sales.
The working capital requirement improved by €2,923 million in 2009, with a notable 25% reduction in stocks.
Fixed costs fell 17% on 2008:
- Tangible and intangible investments, which came to €2,302 million in 2009 compared with €3,385 million in 2008, were kept under control. By concentrating on priority projects, constantly striving for efficiency and optimizing synergies with Nissan, we reduced research and development expenditure by 26% and tangible investments by 30% on 2008, while maintaining essential programs.
- Savings made at all levels of the company led to an 8% reduction in general expenses compared with 2008 and 20% compared with 2007.
The synergies generated within the Alliance with Nissan played an important role in the success of Renault’s free cash flow plan in 2009. The 2009 objective for total synergies for the two partners was €1.5 billion; this target was met at end-December with one quarter still to go before the end of Nissan’s financial year. A new plan has been launched for 2010, aimed at an additional €1 billion in synergies for the two companies.