Groupe Renault has announced Drive The Future, a new six-year plan to deliver annual revenues of more than £62 billion.

It will also achieve a group operating margin of over 7% by the end of the plan, with a floor at 5%, and positive free cash flow every year.

Under the Drive The Future plan, Groupe Renault forecasts that unit volumes will grow more than 40% to more than five million units, compared with 3.47 million units sold in 2016, as the company expands its product range, including in LCV and new zero-emission electric vehicles and builds on success of its global access range.

The plan will also leverage the R&D and global economies of scale from Renault-Nissan-Mitsubishi, the world’s largest automotive alliance, while maintaining financial discipline and cost efficiency.

Renault chairman and CEO Carlos Ghosn said: “Groupe Renault is now a healthy, profitable, global company looking confidently ahead. Drive the Future is about delivering strong, sustainable growth benefiting from investments in key regions and products, leveraging Alliance resources and technologies, and increasing our cost competitiveness. Supported by the men and women of Renault, this new plan will unleash our full potential to innovate and grow in a rapidly-changing industry.”

Groupe Renault tagets at a glance:

• Revenues over €62 billion
• Operating margin over 7%, representing a 50% increase in value, with a floor at 5% throughout the plan
• Positive free cash flow each year
• £3.8 billion Monozukuri savings over the plan
• £16 billion invested in Research & Development
• More than five million vehicles sold, doubling sales outside of Europe EV Leadership: eight pure electric vehicles, 12 electrified models
• 100% connected vehicles in key markets and 15 AD Renault vehicles