Renault plans $2.2 billion 'no taboos' cost cuts after first loss in a decade [Reuters (UK)]
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Source: Reuters
Renault plans $2.2 billion 'no taboos' cost cuts after first loss in a decade - Reuters 4 Min Read PARIS (Reuters) - Renault’s first loss in a decade triggered a no-taboos commitment to cut costs by 2 billion euros (1.66 billion pounds) over the next three years from the carmaker on Friday, as it tries to put the Carlos Ghosn affair behind it. As ex-Volkswagen brand manager Luca de Meo prepares to take over as chief executive of the French automaker, which has been rocked by the Ghosn scandal, it did not exclude job cuts in a promised review of its performance across all factories. Like many auto industry rivals, including its alliance partner Nissan, Renault is grappling with tumbling demand in key markets like China, and said it expects the sector to be hit further this year, including in Europe. In a reflection of this sobering assessment of the market outlook, Renault set a lower operating margin target of between 3% and 4% for 2020, down from 4.8% in 2019, and cut its proposed di
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