Renault hikes cost savings goal, eyes margin growth

Thursday, 14 Jan, 1.17 pm

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.