Renault CEO says eight-year plan can turn round carmaker

In this news, we discuss the Renault CEO says eight-year plan can turn round carmaker.

BARCELONA (Reuters) – French carmaker Renault RENA.PA will unveil an eight-year plan next year as the group faces slump in demand exacerbated by the coronavirus crisis, chief executive Luca de Meo said in a newspaper interview published on Sunday.

De Meo had signaled last month that Renault may have to dig deeper than the 2 billion euros ($ 2.3 billion) in cost cuts it had already announced to get back on its feet after a sustained decline in its profits since 2018.

“The next two years will be difficult. We have an eight-year plan that will be announced in January, and we can reverse everything, ”he told El Pais newspaper without disclosing specific details of the plan.

(1 USD = 0.8534 euros)

Reporting by Graham Keeley; Edited by David Goodman

Original © Thomson Reuters

Originally posted 2020-10-18 07:36:10.

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