Home >Auto News >Renault will recover but tough months are still ahead, CEO says

Renault will eventually recover though it still has a few more tough months to get through, Chief Executive Officer Luca de Meo told French weekly newspaper Le Journal Du Dimanche in an interview.

“We will have to clinch our teeth for a few more months but there will be a recovery," de Meo is quoted as saying. “When I accepted to join Renault at the end of 2019, I didn’t hide it would take us between three and five years to renew with growth."

The first measures decided by de Meo are starting to bear fruit, with the target of 2 billion euros ($2.4 billion) of cost savings potentially reached by the end of the year, ahead of schedule, he said. Fixed costs have been cut and inventories have been reduced, he said.

In February, Renault warned that after a record annual loss, 2021 would be another challenging year due to the impact from the pandemic and component shortages. The carmaker will release first quarter revenue on April 22.

This story has been published from a wire agency feed without modifications to the text.

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