French automobile manufacturer Renault is cutting 15,000 jobs as part of the €2bn cost-cutting plan due to the impact of coronavirus.
Renault saw its first annual loss in a decade last year and the challenges facing the firm have gone up due to the global coronavirus pandemic.
Renault has employed more than 179,000 people in 39 countries. The company claims more than 4% of the global market.
Some 4600 jobs will go in France and the company says that 6 plants are under review for possible closure.
Last month, Renault confirmed the number of vehicles sold dropped by 25% in January, February and March. The situation worsened in April.
15% of Renault is owned by the French government. The firm is in talks with the government about an €5bn emergency loan.
Renault is slashing costs by reducing the number of contractors in sections of Engineering and reducing the number of components it uses.
It has also halted expansion plans in Morocco and Romania and shrank gearbox manufacturing worldwide.
The French firm will be focusing on manufacturing small vans as it plans to trim its production capacity from 4Million to 3.3Million vehicles in 2024.
This comes after Japanese automobile company Nissan said it would close its factory in Barcelona, Spain. About 2,800 jobs will be lost as the company looks to cut-costs.
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