Renault, Stellantis warn of need for cost cuts in ‘turbulent year,’ FT says

Stellantis (STLA) and Renault (RNLSY) have warned the need for cost cuts despite rising profits, as the industry heads into a “turbulent year” of economic and political uncertainty, Peter Campbell and Sarah White of The Financial Times reports. “Cost reduction remains our obsession,” said Renault’s chief executive Luca de Meo on Thursday, according to the Times. Renault is aiming to reduce EV costs by 40%, with plans to cut costs from petrol or hybrid models by 30% by 2027. Meanwhile, Stellantis’ finance chief Natalie Knight said profits from electric models remain lower than those of internal combustion engine vehicles.