‘Renault Could Disappear’ without $9billion loan
The Renault-Nissan-Mitsubishi Alliance has been in a financial rut in recent years, with the pandemic further amplifying issues. According to a report from Reuters, Nissan could cut up to 20,000 jobs and Renault is in danger of being lost.
Speaking to Europe 1 Radio, French finance minister Bruno Le Maire has warned that without a substantial loan, Renault could disappear. Le Maire urged Renault to keep its Flins factory, the workplace of around 2,600 workers, open. The French government is currently pondering whether to loan Renault $NZ9billion, to help it weather the effects of the pandemic.
Renault is looking to cut costs, according to a report from Automotive News Europe, one of the measures involves the closing of its Dieppe plant, where it builds the limited-production Alpine A110 sports car.
Nissan meanwhile, looks set to eliminate 20,000 jobs globally, less than a year after it had laid off 10 per cent of its workforce. The company is said to have a renewed focus on the North American and Chinese markets while limiting its European operations. It is also said that the Datsun brand is set to face the axe following ailing sales figures.