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Renault acknowledged in May that its world ambitions had been unrealistic and introduced plans to chop about 15,000 jobs, shrink manufacturing and restructure French vegetation 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 a way far more cash the corporate wanted to save lots of
Renault may need to chop extra prices than the two billion euros ($2.four billion) in financial savings already deliberate to get again on its toes, the French carmaker’s new Chief Executive Luca de Meo mentioned in an inside memo seen by Reuters.
“The aim is to get back on the right track and to resolve our most pressing problems as quickly as possible: treasury and costs. This means we will perhaps need to go further than planned with our cost-cutting efforts,” he mentioned within the memo.
De Meo, a former Volkswagen government who took over as CEO in July, didn’t give a determine for a way far more cash the corporate wanted to save lots of.
Asked to touch upon the memo, a Renault spokesman mentioned De Meo was engaged on a plan to remodel the corporate by focusing extra on profitability than gross sales volumes.
Renault acknowledged in May that its world ambitions had been unrealistic and introduced plans to chop about 15,000 jobs, shrink manufacturing and restructure French vegetation 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 vehicles, which has centered on trimming prices and producing extra worthwhile car ranges lately.
“We will need to take decisions that are sometimes difficult, but are necessary and positive for the company. I would describe it as a revolution,” he wrote within the memo.
“This revolution, which must be pushed forward by all the men and women of the company, I’m calling it a ‘Renaulution’.”
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)
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