RENAULT CEO CLAIMS 8-YEAR PLAN CAN TURN THE COMPANY AROUND
French carmaker Renault will unveil an eight-year plan next year as the group contends with a demand slump exacerbated by the coronavirus crisis, Chief Executive Luca de Meo said in a newspaper interview published.
De Meo had flagged last month that Renault might have to dig deeper than the 2 billion euros ($2.3 billion) of cost cuts it has already outlined to get back on its feet after a sustained downturn in earnings since 2018.
“The next two years will be tough. We have an eight-year plan that we will be announced in January, and we can turn it all around,” he told the Spanish El Pais newspaper without disclosing specific detail on the plan.
Renault has been trying to gain a bigger slice of the Asia-Pacific market even as the pandemic has reduced vehicle purchases in the region and other areas of the world.