Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
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Renault hikes cost savings goal, eyes margin growth

In a wide-ranging strategy update under new Chief Executive Luca de Meo, the company said it would cut the number of vehicles produced, reducing its spending on research and development as a result, and simplify manufacturing processes.

January 14, 2021 / 01:13 PM IST
Source: Reuters

Source: Reuters

French automaker Renault on Thursday hiked its cost savings target by 500 million euros ($608 million) to 2.5 billion euros by 2023, and set goals to gradually ramp up margins as it focuses on launching more profitable cars.

In a wide-ranging strategy update under new Chief Executive Luca de Meo, the company said it would cut the number of vehicles produced, reducing its spending on research and development as a result, and simplify manufacturing processes.

Renault said it was targeting a 5 percent group operating margin by 2025. It has yet to publish margins for 2020, though following the COVID-19 pandemic which disrupted operations, they are likely to be lower than the 4.8 percent hit in 2019.
Reuters
first published: Jan 14, 2021 01:00 pm

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