Renault to cut 1,500 engineering jobs in France

French automaker Renault plans to cut 1,500 engineering jobs in France, a trade union source informed Reuters on Tuesday.

The engineering job cuts are part of cost savings plans that the automaker announced last month intending to find 2 billion euros ($2.27 billion) in savings over the next three years.

Renault has made no comment yet.

The automaker stated earlier that it plans to cut 15,000 jobs worldwide, including 4,600 in France.

Renault shares increased 5.66% at 1118 GMT.

Earlier week, Renault’s chairman Jean-Dominique Senard said on Thursday that Renault was confident that auto sales, which have ground to a stop during the coronavirus pandemic and ensuing lockdowns, would pick up again in France this year.