DUBLIN, February 12, 2016 /PRNewswire/ --
The global four wheel vehicle market is expected to surpass 7 million unit sales by 2019, according to a report recently published on Research and Markets. The report predicted a rising demand for SUVs among the emerging middle class. This was evidenced by Renault's announcement today that its full year profits had jumped 44% in 2015 on the back of SUV sales.
Renault's operating profit climbed to €2.32 billion from €1.61 billion a year earlier. Renault now plans to roll out more SUVs like their Kadjar and Alpine sports ranges, according to reports today.
A report on the Global Automotive Multi-wheel Drive Systems Market made a similar prediction. It expected a growing demand for SUVs in emerging markets to boost growth. But despite overall profits, Renault took a €620 million loss from its 37% stake in Russian automaker AvtoVAZ. The French automaker wrote down the value of its holding by €225 million to €91 million, with industry wide demand in Russia expected to decline an additional 12% this year.
This follows on from Ford's announcement yesterday that they would be adding four new nameplates to their SUV line-up over the next four years. A recent industry report highlighted global subcompact SUV market sales will reach 7.4 million units by 2022. Ford has not yet revealed any more details about their four new nameplates, but it's possible a subcompact SUV could be part of their plans.
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SOURCE Research and Markets