Renault CEO says eight-year plan can turn around carmaker

Renault CEO Luca de Meo had flagged last month that the carmaker 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.
By : Reuters
| Updated on: 18 Oct 2020, 17:43 PM
File photo of a Renault assembly plant. (REUTERS)
File photo of a Renault assembly plant. (REUTERS)
File photo of a Renault assembly plant. (REUTERS)
File photo of a Renault assembly plant.

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 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.

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"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.

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First Published Date: 18 Oct 2020, 17:42 PM IST
TAGS: Renault
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