Chip shortages to last until mid-2022

According to foreign media reports, Renault expects semiconductor supply problems to continue until at least mid-2022, which will complicate the company's turnaround plan
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Renault Chief Executive Luca de Meo said the company was prioritizing more profitable cars and commercial vehicles as consumer demand remained strong
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"Renault sometimes even sends people to Asia to get chips," De Meo said in an interview at the Flins factory in Paris, France, on November 30
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The Flynn plant, which makes the electric hatchback Zoe and the Nissan Micra, may have been suspended in recent years after nearly 70 years of operation
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The Flynn plant will be remodeled by 2024 to recycle and refurbish cars and batteries
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Until then, the plant will continue to produce Zoe
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The revamp of the Flynn plant is a key part of Renault's wider turnaround plan, which also includes layoffs, cost cuts and cuts in global auto capacity
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Renault will consolidate production of electric cars at its Douai plant in France, and the electric car Megane will be produced at the Douai plant
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Renault will also produce the Dacia-branded Spring in China
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On November 30, Citi analysts released a report that noted that Renault had made "considerable progress on its turnaround plan.

" They said Renault had reduced leverage (the ratio of total assets on the balance sheet to equity capital), accelerating the pace of cost-cutting and restoring profit margins
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De Meo reiterated Renault's forecast for a reduction in car production this year, with the company producing about 500,000 fewer cars this year, nearly one-fifth of last year's output due to a lack of parts
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