‘Renault Could Disappear’ Without $5.5B Loan, Says French Finance Minister

25 May 2020 - motor1

‘Renault Could Disappear’ Without $5.5B Loan, Says French Finance Minister

Minister urges company to keep factories open, retain jobs. Meanwhile, Nissan struggles.

It's been a rough few years for the Renault-Nissan-Mitsubishi Alliance and the coronavirus pandemic certainly isn't making things easier. How bad are things going? According to a report from Reuters, Nissan could eliminate up to 20,000 jobs and Renault could disappear entirely. The two companies are announcing a strategy update on May 27.

Speaking to Europe 1 Radio, French finance minister Bruno Le Maire made the dire prediction, saying "Yes, Renault could disappear." Le Maire urged Renault to keep its Flins factory, the workplace of around 2,600 workers and home of production for the Zoe electric car and the Nissan Micra, open. The French government is currently weighing whether to float Renault $5.5 billion to help it weather the coronavirus pandemic. Meanwhile, Renault is considering eliminating a number of models.

Things are not much better in Japan, as Nissan struggles both with the virus' impact on global sales as well as the fallout of the Carlos Ghosn scandal. According to Kyodo News, the company could slash 20,000 jobs globally, less than a year after it laid off 10 percent of its workforce.

Sources at Nissan have told Reuters the company is trying to become leaner and more agile, and will focus on the Chinese and North American while limiting its European operations. Meanwhile, its annual sales target could fall by up to a million units as demand continues to dry up as the pandemic worsens.

According to Reuters report, neither automaker chose to comment. As of last year, the Alliance was the third largest vehicle manufacturer on the planet, behind only the Volkswagen Group and Toyota.

News By Tags

A1A2ACAPAcidentealfa romeoAlfa Romeo GiuliaAlgarveAmaranteaston martinauctionaudiAudi A3Audi A6Audi e-tronAudi q8Audi Rs6BarreiroBejabentleybikebikesBMWBMW 4 SeriesBMW 8 seriesBMW M3BMW m5BMW X3BMW x7bmw z4bombeirosBragaBrasilBrazilBugattiCabrioCampeonato Nacional de Velocidadecar rentCarlos GhosnCarro elétricocarros usadosCascaisCastelo BrancochinaChryslercitroenclassic carclassicsCoimbraconvertiblecoronavirusCrash Testcrash testsCristiano RonaldoCupradaciaDacia Dusterdieseldiesel scandaldieselgatedrag raceelectricEMELemissionsEspanhaEstacionamentoestradasEuropaeuropeevFaroFCAFerrariFiatFiat 500Fiat 500eFiat 500XFiat PandafordFord FiestaFord Focusformula 1FranceFrankfurt Motor ShowGenesisGeneva Motor ShowGermanyGNRGondomarGuimarãeshondaHonda CivichybridHyundaiitaliaItalyJaguarjeepJeep WranglerkiaLA Auto ShowLamborghiniLancialand roverLand Rover DefenderLand Rover DiscoveryLeirialexusLisboaLisbonLotusLouléMadeiraMaiaMarco de CanavesesMatosinhosmatrículasmazdaMazda CX-5Mazda MiataMcLarenMercado automóvelmercedesMercedes S-ClassmetrominiMini CooperMini CountrymanMitsubishiMorganMOTOCROSS E ENDUROmotorcyclemotorsportNew York Auto ShownissanNissan LeafNissan QashqaiOlhãoopelOpel CorsaOpel MokkaPalmelaParedesPenafielPeugeotPeugeot 208Peugeot 508Peugeot 508 SWpolicePonte de LimaPorschePorsche 911Porsche CayennePorsche TaycanportagensPortoPortugalProdução automóvelPSAPSPradaresRalicrossRange RoverrecallrenaultRenault DusterRenault MeganeRenault Zoerent a carrestorationsafetysafety ratingsSafety testsSamsungSanta Maria da FeiraSantaremseatSeat CupraSeat LeonSeat TarracoSergio MarchionneSetubalSintraskodasmartspainspy shotssubarusupercarssuvsuzukitaxitechnologyteslaTesla Model 3Tokyo Motor ShowtoyotaToyota Hiluxtoyota supratrucktuninguberukUnited StatesUSAvendasVendas de carrosViana do CasteloVieira do MinhoVila Nova de FamalicãoVila Nova de GaiaVila RealVila VerdeViseuvolkswagenVolkswagen GolfvolvoVolvo XC40vwVW CaddyVW golfVW PoloVW T-Roc