Renault is planning to cut 5,000 jobs from its workforce by 2024 to help the company save 2.2 billion euros, according to a report in Le Figaro newspaper.
The layoff strategy will prioritise ‘the non-replacement of employees planning to retire,” the article said, avoiding outright lay-offs wherever possible.
The automaker is also expected to announce factory closures alongside the job cuts in an announcement this Friday as part of its cost saving plan. Renault, as of 2019, has a 48,500-person workforce in France.
Just yesterday (May 26), President Macron announced an unprecedented 8 billion euro cash injection into the French automotive sector to attempt to push France to the forefront of the clean energy vehicle sector and also, urged French automakers to keep production in their country.
Macron also said that his government were still unwilling to sign off on a 5 billion euro bailout loan for Renault – which is 15% owned by the French state – until management and unions had finalised discussions over the company’s workforce and factories.
Keyword: Renault to reportedly slash 5,000 jobs by 2024