New Renault boss plans leaner, electric future | Malay Mail

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PARIS, Jan 14 — French carmaker Renault pledged to slim down and focus more on technology as its new CEO laid out plans to revive a business hammered by management turmoil and the Covid-19 crisis. In his first strategy update since taking over in July, Chief Executive Luca de Meo said today he...

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The logo of Renault carmaker is pictured at a dealership in Vertou, near Nantes, France, January 13, 2021. — Reuters pic

Car production will drop to 3.1 million vehicles by 2025 from 4 million in 2019, while half of new launches will be electrified — including a revamped version of the classic Renault Super Cinq model. But investors appeared unimpressed, with Renault shares down three per cent in morning trade. Jefferies analyst Philippe Houchois described the new profit targets as “underwhelming,” reflecting the “depth of challenges at Renault.”

The 53-year old former head of Volkswagen’s Seat brand also announced a new business unit, called Mobilize, focused on “new profit pools” from data, mobility and energy-related services. The company 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 per cent hit in 2019.

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