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France considers € 5 billion loan so Renault does not 'disappear' …

by ace
France considers € 5 billion loan so Renault does not 'disappear' ...

A French minister warned on Friday (22) that Renault could disappear if it does not get help soon to recover from the economic crisis generated by the coronavirus pandemic.

Bruno Le Maire, finance minister, said he is considering a € 5 billion loan to help the automaker, saying the company's future is at risk. "Yes, Renault could disappear," he told Europe 1 radio.

  • Volkswagen Group Cites 'Unprecedented Crisis'

Le Maire said that Renault's French factory in Flins should not close and that the company should keep as many jobs as possible in France, but also said that the company needs to adapt and be competitive.

The automaker declined to comment on Le Maire's statements.

Next Wednesday (27), Renault and Nissan are expected to announce a strategy update on the alliance they have maintained for two decades.

The plan was originally announced as a readjustment of their relationship, which was shaken by the arrest in November 2018 in Japan of alliance architect and longtime chief Carlos Ghosn, on charges of financial misconduct, which he denies.

However, the update has taken on greater significance since the coronavirus pandemic hit demand for vehicles and caused production disruption.

Japanese newspaper "Kyodo" said on Friday that Nissan could cut 20,000 jobs from its global workforce, mainly in Europe and developing countries.

Two people with knowledge of the matter told Reuters that the number of cuts had not been finalized. Nissan declined to comment.

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