Renault, one of France's leading automakers, announced on Thursday that it had sold its remaining stake in the AB Volvo group for 1.47 billion euros (1.92 billion U.S. dollars) as part of its plans to boost the group's financial assets.

With the aim to "strengthen the financial situation of group" and "enhance financial flexibility," Renault, which was AB Volvo's leading shareholder with a 6.5-percent equity holding and held 17.2 percent of the Swedish company's voting rights, decided to exit from AB Volvo's, the French car manufacturer said.

"The sale of the block of 138 million Series A shares is made via an accelerated book building and a private placement in Sweden and rest of the world," it added.

As the group's sales continued to plunge due to an adverse economic climate, Renault noted the operation would help to reduce its net automotive debt and bolster investment in France and harness more growth opportunities mainly in Russia and China.

"These investments are required for the preparation of the group's future in order to follow the rejuvenation program of the range, strengthen the competitiveness of its European plants and foster the international expansion of Renault," the company said in a statement posted on its website.

Renault's sales of its new vehicles sales hit a new low at the end of November. It sold 33.5 percent fewer cars, while sales of its low-cost brand Dacia also fell sharply by 40.5 percent to 6,202 vehicles.