May 28, 2020

Renault prepares for 15,000 job cuts

Struggling French carmaker Renault is said to be planning 15,000 job cuts around the world as it tries to contain losses amid the pandemic. Speaking on French television, a French labour leader briefed on the plans said many of the cuts in France would come through voluntary layoffs or retirement. Even before the pandemic, the firm was in trouble, with sales down 3% last year. The firm is currently in talks with the French government, which holds a 15% stake in the company, over a €5bn emergency loan package. The French government has also pledged €8bn in wider rescue funds aimed at shoring up the country's car industry.

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