Renault to split into five units with plan to spin-off electric vehicles next year

An early mover in the electric car race, Renault has fallen behind newer, more agile rivals like Tesla

French car maker Renault said its major overhaul will see it separate its activities into 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, Renault said it targeted operating margins of 8% for 2025 and rising to more than 10% in 2030, from 5% expected this year.