Head of the Renault Luke de Meo reported on the “return of the company’s return” on the results of financial reports for the first half of the year. He reported this in interviews Bloomberg.
According to De Meo, the worst behind, the company began to earn again. In the first half of the year, Renault profits amounted to $ 368 million, whereas at the end of the same period of 2020 the company recorded losses in the amount of 7.4 billion euros. In the first six months of this year, 1.42 million cars were sold, which is 19 percent more than in the same period of 2020, but almost a quarter is less than the same “Dopandamemic” period of 2019. The head of Renault predicts the company’s stable profit, despite the shortage of chips and the rise in prices for raw materials.
Luka De Meo headed the company in July 2020. Previously, he worked in Toyota, Fiat, Volkswagen, Audi, was a member of the Supervisory Board of Ducati and Lamborghini, Chairman of the Board of Directors of Volkswagen in Italy. A year after the appointment, he considers the absence of an automaker in the Chinese market unacceptable, which was one of the reasons for the lag of Renault from Competitors Volkswagen and Stellantis. The orientation to the European market, which is restored slower than Chinese and American, has negatively affected the company’s exit rate from the crisis.
Last year, Renault reported plans to reduce almost 15 thousand jobs around the world and reduce production capacity by 20 percent to reduce costs of two billion euros. Almost a third of the staff will lose work in France. The company’s losses for 2020 amounted to eight billion euros.