PARIS: The French government said Tuesday that it had signed off on a state-backed loan of €5 billion for carmaker Renault, where the coronavirus crisis has compounded months of management turbulence and prompted the company to lay off nearly 15,000 people worldwide.
The government announced the loan last month, but said it was conditional on a commitment from Renault to maintain jobs and core operations in France. “No decision will be made on the shifting of activities unless it has been approved by all parties,” it said. President Emmanuel Macron has also promised an €8 billion plan to revive France’s auto industry by making it the European leader in electric cars, including subsidies for new car purchases.
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