PARIS: Renault SA plans to eliminate about 14,600 jobs worldwide and lower production capacity by almost a fifth in a move to dramatically reduce costs and outlast the downturn that has rocked the global auto industry.
A slump in consumer demand and factory shutdowns to slow the Covid-19 pandemic have forced their hand, with shrinking head counts and production cuts now a priority. Under Ghosn, Renault had a sales target of 5 million sales annually by 2022, which has since been abandoned. The European car industry is feeling particularly hurt from the pandemic crisis, with the continent struggling with overcapacity before the virus hit.
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