Renault’s eight-year plan can turn round automaker, says CEO

French automaker Renault will unveil an eight-year plan by 2020 as the group contends with a demand decline exacerbated by the coronavirus crisis, Chief Executive Luca de Meo said in a newspaper interview published on Sunday.

De Meo had flagged last month that the automaker might have to dig deeper than the 2 billion euros ($2.3 billion) of cost cuts it has already laid out to return on its feet after a sustained decline in revenues since 2018.

The arrest of former CEO Carlos Ghosn in Japan in November 2018 over alleged financial misconduct also had a significant impact on the management of the automaker.

“The next two years will be tough. We have an eight-year plan that we will be announced in January, and we can turn it all around,” Luca de Meo informed El Pais newspaper without providing specific detail on the plan.