French Finance Minister Le Maire warns Renault against job cuts, factory shutdowns


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French Finance Minister Le Maire warns Renault against job cuts, factory shutdowns

On Tuesday, the 18th of February 2020, the French Finance Minister Bruno Le Maire had cautioned the French automotive group, Renault SA, in which the French Government has been holding a 15 per cent stake, over its planned factory shutdowns in France alongside job slashing measures in a bid to curb operational expenses.

In point of fact, latest warning from the French Finance Minister over the French carmaker strategic dogma to desert thousands of jobs and to shut down two of its French assembling plants comes over the heels of Friday’s (February 14th) quarterly earnings’ report of Renault SA, in which the French carmaker had reported its first annual loss in a decade that eventually prompted up the Renault SA’s management board to contemplate a swathe of measures to trim costs up to €2 billion or ($2.2 billion) by end-2022.

Meanwhile, voicing a contumacious tone over Renault SA’s management board’s latest overhaul and cost-slashing attempt, French Finance Minister Bruno Le Maire said to the reporters in Brussels on Tuesday (February 18th), “The state will play its role as shareholder in Renault to make sure that the choices which will be made will not go against jobs and factories in France,” adding that French Government would arrange a talk with the carmaker over its strategies to slash expenses and would remain “very vigilant”.