PARIS (Reuters), – French automaker Renault (EPA:). It stated that it was aiming for a double-digit margin on its Mobilize brand. This new brand proposes innovative solutions around data and mobility. Moreover, ‘Mobilize’ would be able to account 20% of Renault’s total group turnover by 2030.

Renault is counting on the new business to turn around its finances. Renault reported its first annual profit in three years on February 2. Its sales dropped for the third year straight in 2021.

Mobilize, a signal of the importance it will play in Renault’s future strategy, presented its mid-term strategy plan Tuesday.

Mobileize does not sell vehicles. Instead, it offers services that generate recurring income, and lower costs for customers. Clotilde de Delbos is chief executive officer of Mobilize. “We have made the decision to only cover those segments in the mobility value chain that offer the most growth and margin potential,” she said.

Renault intends to make electric cars carbon-neutral by 2040 and the Mobilize brand forms part of its strategy.

Renault earlier stated that it will sell just over three percent of its Korea unit for China’s Geely Automobile Holdings, (OTC) at around $200 million. It is freeing funds up to invest its core markets and electric businesses.