French carmaker Renault pledged to slim down and focus more on technology as its new CEO laid out plans to revive a business hammered by management turmoil and the COVID-19 crisis.
In a departure from the world-conquering view of former boss-turned-fugitive Carlos Ghosn, Chief Executive Luca de Meo said Renault would reduce the number of cars it turns out, focus on its most profitable models and on new electric launches – including a revamped version of the classic Renault Super Cinq.
“We grew bigger, but not better,” De Meo said in an online presentation, which aimed to project a jazzier, more youthful brand under a street-art style “Renaulution” slogan.
De Meo, who arrived last July after a stint running Volkswagen’s Seat brand, said the task now was to “steer our business from market share to margin.”
The company also faces new challenges, as the European Union tightens emissions regulations and rivals PSA and Fiat Chrysler Automobiles complete their merger to create Stellantis, the world’s fourth-biggest automaker, with potentially more resources to meet the industry changes.