Renault's first loss in a decade triggered a no-taboos commitment to cut co...
) first loss in a decade triggered a no-taboos commitment to cut costs by 2 billion euros over the next three years from the carmaker on Friday, as it tries to put the Carlos Ghosn affair behind it.
In a reflection of this sobering assessment of the market outlook, Renault set a lower operating margin target of between 3% and 4% for 2020, down from 4.8% in 2019, and cut its proposed dividend against 2019 by almost 70% from a year earlier. Renault could not afford to wait for De Meo’s arrival in July to attack costs, Delbos said, adding that nothing would be “taboo” as it reviews its business.
The logo of French carmaker Renault is seen before the company's 2019 annual results presentation at their headquarters in Boulogne-Billancourt, near Paris, France, February 14, 2020. REUTERS/Gonzalo FuentesRenault shares recovered from falls in early trading, and were up 1.8% at 1200 GMT despite it posting a loss of 141 million euros for the group share of net income.
He has denied wrongdoing and hit out at his past employers, saying the Renault-Nissan alliance was all but dead without him. FILE PHOTO: A Renault Clio E-Tech Hybrid car is seen at Brussels Motor Show, Belgium, January 9, 2020. REUTERS/Francois Lenoir/File Photo
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