BW Businessworld
Renault Flags Difficult Year After Record $9.7 Billion Loss
Carmakers all endured a tough 2020 but a rebound in premium car sales in China towards the end of the year helped companies such as Volkswagen and Daimler to weather the storm.
Photo Credit :
Renault Chief Executive Luca de Meo warned of lingering headwinds in 2021 as a shortage of electronic chips added to uncertainties, after the COVID-19 pandemic dragged the French carmaker to an 8 billion euro loss last year.
De Meo, who took over in July, is looking at ways to boost profitability and sales at Renault while pushing ahead with cost cuts, and there were early signs of improving momentum as margins inched up in the second half of 2020.
Renault Chief Executive Luca de Meo warned of lingering headwinds in 2021 as a shortage of electronic chips added to uncertainties, after the COVID-19 pandemic dragged the French carmaker to an 8 billion euro loss last year. De Meo, who took over in July, is looking at ways to boost profitability and sales at Renault while pushing ahead with cost cuts, and there were early signs of improving momentum as margins inched up in the second half of 2020. The group gave no financial guidance for this year, although it said it might reach a 2 billion euro cost-cutting target ahead of time, possibly by December.