Renault plans to cut 3,000 jobs in support functions, French newsletter reports [Yahoo! Finance Canada]
RENAULT SA UNSP/ADR (RNLSY)
NASDAQ:AMEX Investor Relations:
group.renault.com/en/finance-2
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Source: Yahoo! Finance Canada
The newsletter quoted a source familiar with the matter as saying that a final decision should be made by the end of the year. Renault confirmed it is considering cost cuts, but that at this stage it has no figures to report as no decisions have been made. "Given the uncertainties in the automotive market and the extremely competitive environment, we confirm that we are considering ways to simplify our operations, speed up execution, and optimize our fixed costs," a Renault spokesperson said. At the end of 2024 Renault employed 98,636 staff worldwide. Renault reported in July a 11.2 billion euro ($13 billion) first-half net loss, including a 9.3 billion euro write-down on partner Nissan. Excluding the write-down, net income plunged to 461 million euros, less than a third of the year-earlier level, due to a weaker van market, costs associated with electric vehicles and commercial pressures in a more competitive environment. New CEO Francois Provost - appointed in July afte
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