Coronavirus: French carmaker Renault to cut 5,000 jobs by 2024, says report

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.

The company, still awaiting finalization 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 will prioritize "the non-replacement of employees planning to retire", Le Figaro added.

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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.

Renault is 15 percent owned by the French state.

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Last Update: Wednesday, 27 May 2020 KSA 23:22 - GMT 20:22
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