French carmaker Renault is about to announce plans to cut 5,000 jobs by 2024 in its drive to save 2 billion euros ($2.20 billion) in costs, according to a report published Tuesday by Le Figaro.
A logo of Renault carmaker is pictured at a dealership in Nantes, France, May 26, 2020. REUTERS/Stephane Mahe
PARIS - French carmaker Renault is about to announce plans to cut 5,000 jobs by 2024 in its drive to save 2 billion euros in costs, according to a report published Tuesday by Le Figaro. The company, still awaiting finalisation of a planned 5 billion euro state loan pending talks between management and unions over the workforce and plants in France, will not resort to outright lay-offs, the newspaper said on its website.Renault declined to comment on Le Figaro’s report when contacted by Reuters.
Reuters reported on Monday that Renault, which had a 48,500-strong workforce in France as of 2019, could unveil job cuts and plant closures on Thursday as part of its cost-saving plan. Earlier on Tuesday, President Emmanuel Macron announced an 8 billion euro plan to make France the top producer of clean vehicles in Europe and urged French carmakers to make vehicles in their own country.Reporting by Benoit Van Overstraeten and Bertrand Boucey; Editing by Timothy Heritage
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