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Renault plans to cut costs even more than expected

2020-09-09T17:45:33.058Z

Director General Luca de Meo outlines in a document consulted by AFP the main lines of a future strategic plan that he is due to present in January.



French automaker Renault may have to cut costs more than expected, according to an internal document drafted by new chief executive Luca de Meo, and consulted by AFP on Wednesday.

In this text of about fifteen pages, the new boss outlines the main lines of a future strategic plan that he must present in January.

Read also: Renault: for Luca de Meo, six months of transition to prepare for his arrival and influence decisions

In a first phase, which "

starts now" and "will go until 2022

", it will above all be a question of solving "

the most urgent

problems

as quickly as possible: cash flow and costs

", considers Luca de Meo .

In great financial difficulties, Renault announced at the end of May the elimination of around 15,000 jobs worldwide, including 4,600 in France, as part of a savings plan of more than 2 billion euros over three years.

Read also: Renault on the offensive in the electric sector

Among the levers for saving money, he said he wanted to "

continue to resize engineering

" and "

reduce the offer within ranges and products by around 30%

".

Overwhelmed by the difficulties of its Japanese partner Nissan and the health crisis, Renault lost 7.3 billion euros in the first half, the heaviest loss in its history.

Source: lefigaro

All business articles on 2020-09-09

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