Renault CEO says eight-year plan can turn round carmaker

FILE PHOTO: Luca de Meo, Chief Executive Officer of Groupe Renault, stands in front of a Renault Megane eVision car as he speaks during a news conference about Renault electric strategy during Renault eWays event in Meudon, France, October 15, 2020. REUTERS/Benoit Tessier

BARCELONA (Reuters) – French carmaker Renault RENA.PA 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 on Sunday.

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 El Pais newspaper without disclosing specific detail on the plan.

($1 = 0.8534 euros)

Source: Read Full Article