French automaker Renault said Friday that it would cut almost 15,000 jobs, including 4,600 at its major French operations, as a part of a major restructuring as it seeks to steer out of a cash crunch caused by the ongoing coronavirus crisis. The company will target savings of over two billion euros ($2.2 billion) over […]
Renault
All articles related to French automaker Renault.
Renault will take 3.6 billion euro hit from Nissan losses
French automaker Renault said on Thursday that losses at its Japanese partner Nissan, in which holds a 43% stake, would drag on its on net revenues by 3.6 billion euro ($3.96 billion) in the first quarter. Renault, which posted its first net loss after 11 years in 2019, has like Nissan been having a hard […]
Renault loan still not signed, site closures must be last resort, says Le Maire
French Finance Minister Bruno Le Maire on Thursday stated that the government was yet to sign off on a planned 5 billion euro ($5.5 billion) loan for Renault. Le Maire added that the automaker’s site closures and job cuts could only ever be a last resort. “The closure of a site must only be a […]
Renault and Nissan rule out merger as they reveal survival plan
Renault, Nissan Motor and Mitsubishi Motors have ruled out a merger on Wednesday and doubled down on a strategy to cooperate more closely on auto production in order to save costs and salvage their troubled alliance. The automakers have been hit hard by the coronavirus pandemic just as they were attempting to rework their partnership […]
Renault could close plants and cut jobs this week
French automaker Renault could reveal job cuts and plants closures on Thursday as the company looks to converse 2 billion euros ($2.2 billion) in costs, a representative for far-left union CGT stated on Monday. Renault has called for a meeting with unions on Thursday over its cost-saving plans, the representative stated. “This is when the […]
French finance minister has not signed loan for Renault yet
France’s Finance Minister Bruno Le Maire stated he has not signed off on a 5 billion euro ($5.47 billion) state-guaranteed loan to help French automaker Renault cope with the fallout from the ongoing coronavirus crisis, and that discussions continued. Le Maire informed newspaper Le Figaro that the government was looking for commitments from automakers in […]
Renault to restart its Sandouville plant on Friday
French automaker Renault will resume its Normandy-based Sandouville plant located in northwestern France on Friday, a trade union source informed Reuters on Wednesday. Renault had suspended production at Sandouville plant, after a court order criticizing the way the automaker told unions about its increased protective measures put in place to avoid the spread of the […]
Renault reaches deal on 5 billion euro state-backed loan
French automaker Renault has reached a deal with banks on a 5 billion-euro ($5.47 billion) state-guaranteed loan to help the automaker deal with the coronavirus outbreak, two sources knowledgeable about the matter told Reuters on Tuesday. The state-guaranteed loan, which the automaker had been working on for about a month, should be submitted right to […]
Renault to cut 400 jobs at its Slovenia unit due to coronavirus crisis
French automaker Renault prepares to cut about 400 out of some 3,200 jobs at its Slovenian unit Revoz following the coronavirus crisis as they hit demand for its products, Revoz said on Tuesday. Revoz produces models such as Clio, Twingo and electric Smart Forfour models. Its biggest markets consists of France, Germany and Italy. “Due […]
Renault to stop production of Espace model as automaker cuts costs
Renault is planning to significantly reduce its vehicle range, withdrawing well-known but poorly performing models like the Espace minivans, as part of looming cost reduction plans, four sources in the industry and close to the French automaker said. The automaker, hit by the downfall of its former boss Carlos Ghosn and by setbacks in its […]
Renault puts historic Boulogne property up for sale
French automaker Renault has put one of its historic buildings up for sale in Boulogne-Billancourt, the birthplace of the automaker, to cut costs, three sources familiar with the company’s dealings told Reuters. The five-story building, is situated in the old part of Boulogne-Billancourt, a suburb on the outskirts of Paris, houses trade unions, sports facilities […]
EU approves 5 billion euro loan guarantee to Renault
The European Commission approved a 5 billion euro ($5.4 billion) loan guarantee on Wednesday to French automaker Renault group to reduce the impact of the coronavirus crisis. The Commission, which supervises competition policy in the European Union, has temporarily eased its regulations to permit EU countries to support their economies that are set to go […]
Nissan, Renault and Mitsubishi reportedly partners to draft deeper alliance in May
Nissan Motor, Renault SA and Mitsubishi Motors are going to draft plans for a deeper alliance next month, including joint development of more electric vehicles and autonomous technology, the Yomiuri daily reported. The three companies will include the projects in their mid-term business plans, the source said, without noting how it got the information. Among […]
Renault to start building only electric vehicles for China
Renault stated Tuesday that it would start building only electric vehicles for China’s passenger car market, moving away from conventional internal combustion engines and also its joint venture with Dongfeng. The strategy shift comes after years of declining sales in China, where Renault hoped its 50-50 venture with Dongfeng, declared in 2013 and focused on […]
Renault is looking for 4-5 billion euros in state-backed loans
Renault states it is seeking billions in state-backed loans, cancelling its dividend for last year and its chairman is taking a pay cut, as the French automaker tries to weather the coronavirus outbreak. Jean-Dominique Senard’s pay will be slashed by 25% for the second quarter of this year. But interviewed Friday on RTL radio, the chairman […]
