The Japanese firm said on Tuesday it was gearing up for a $4.5 billion annual operating loss. For both companies, the losses were their biggest on record. Luca de Meo, a former executive with Volkswagen (DE: VOWG_p ) who started work as Renault CEO on July 6, said while the whole auto sector is feeling the effects of COVID-19, Renault was extra vulnerable because of its pre-existing problems. "We were already, I would say, feverish. So for sure it is even harder for us," he told analysts on Thursday. "Today's results will be a disturbing wake up call." The alliance says it has a turnaround plan. It has said it will cut vehicle ranges by a fifth, slash thousands of jobs, and double down on a plan for alliance members to cooperate more closely on car production. IS GLOBAL GOOD? Interviewed by a newspaper in Lebanon where he fled from Japan, Ghosn took his own swipe at his old employers on July 20, calling their results "pathetic" and driven as much by a lack of joint leadership as the COVID-19 pandemic.