Renault acknowledged in Might that its international ambitions had been unrealistic and introduced plans to chop about 15,000 jobs, shrink manufacturing and restructure French crops in a bid to slash 2 billion euros from its prices.
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Renault CEO Luca de Meo didn’t give a determine for the way way more cash the corporate wanted to avoid wasting
Renault might need to chop extra prices than the two billion euros ($2.four billion) in financial savings already deliberate to get again on its ft, the French carmaker’s new Chief Government Luca de Meo mentioned in an inside memo seen by Reuters.
“The goal is to get again heading in the right direction and to resolve our most urgent issues as shortly as attainable: treasury and prices. This implies we’ll maybe must go additional than deliberate with our cost-cutting efforts,” he mentioned within the memo.
De Meo, a former Volkswagen govt who took over as CEO in July, didn’t give a determine for the way way more cash the corporate wanted to avoid wasting.
Requested to touch upon the memo, a Renault spokesman mentioned De Meo was engaged on a plan to rework the corporate by focusing extra on profitability than gross sales volumes.
Former Seat Head Luca de Meo took over as Renault’s CEO in July 2020
Renault acknowledged in Might that its international ambitions had been unrealistic and introduced plans to chop about 15,000 jobs, shrink manufacturing and restructure French crops in a bid to slash 2 billion euros from its prices.
De Meo mentioned within the memo that Renault ought to mannequin itself on the turnaround path adopted by rival PSA, the maker of Peugeot automobiles, which has targeted on trimming prices and producing extra worthwhile automobile ranges in recent times.
“We might want to take selections which might be typically tough, however are obligatory and constructive for the corporate. I might describe it as a revolution,” he wrote within the memo.
“This revolution, which should be pushed ahead by all of the women and men of the corporate, I am calling it a ‘Renaulution’.”
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)
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