Renault made a profit even amid losses AvtoVAZ

Despite great difficulties in the Russian market, French carmaker Renault made its profit last year, which could increase significantly this year. Net income in 2015 rose 48 percent to 2.96 billion euros, the company announced. The company's revenues increased by about ten percent compared to 2014, reaching 45.3 billion euros.

At the same time, Renault in 2015 recorded losses of 620 million euros due to the problems of the Russian manufacturer AvtoVAZ, which belongs to Renault, its partner Nissan and the ROSTEK group. In Russia, the car market fell 35 percent last year due to the economic crisis in the wake of falling oil prices and sanctions, Renault said. The partnership at AvtoVAZ is likely to generate losses for Renault again this year.

“2015 was a good year for Renault,” Chief Executive Carlos Ghosn told financial analysts. “Based on this, we can feel ourselves in 2016 with a certain degree of confidence.” This year, Renault plans to hire 1,000 new employees in France with permanent contracts.