French carmaker Renault pledged more cost cuts and to focus on a smaller number of profitable models as its new boss laid out plans to revive a business hammered by management turmoil and the COVID-19 crisis.
Ghosn's strategy was built on growing car volumes globally - a plan critics say forced the carmaker to pursue size over profits. Renault plans to cut development time for a new vehicle by a year, to under three years and announced a new business unit, called Mobilize, focused on"new profit pools" from data, mobility and energy-related services.
Renault on Thursday hiked its cost savings target by 500 million euros to 2.5 billion euros by 2023, and set goals to gradually ramp up operating margins, reaching 5per cent by 2023.
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