Renault SA acknowledged that its global ambitions had been unrealistic, announcing plans to cut about 15,000 jobs, shrink production and restructure French plants as it pressed the reset button and sought to banish the specter of Carlos Ghosn.
Faced with a slump in demand that has been exacerbated by the coronavirus pandemic, the French carmaker detailed plans on Friday to find €2 billion ($2.22 billion) in savings over the next three years.
"We thought too big in terms of sales," said interim Chief Executive Clotilde Delbos, adding the company was "coming back to its bases" after investing and spending too much in recent years.