Renault and Daimler look to jointly cut costs

AP News
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Posted: Dec 17, 2009 5:52 AM

Renault SA chief operating officer Patrick Pelata says the French car maker is talking with potential partners, including Germany's Daimler, to cut costs or boost volumes.

Pelata said Thursday talks with Daimler are no further advanced than with other car makers, and that there is no guarantee a deal will be struck.

Renault's priority is to find savings through its alliance with Nissan and help struggling Russian car maker Avtovaz, in which Renault has a 25 percent stake.

Pelata says revenue could be 17 to 18 percent lower this year. That sort of revenue has prompted big changes in the car industry.