Tech

Renault Decides to Shrink After Record Loss

French car giant Renault lost 7.3 billion euros in the first half of 2020. After this loss, the company, which wanted to tighten the belts, decided to cut more than 14 thousand jobs and reduce its production capacity.

the best-selling car brand in Turkey RenaultAnnounced its financial results in the first half of 2020. According to the statement, the French automobile giant is in total 7.3 billion euros turned out to be suffering. The 4.8 billion euro of this record loss has been talked about a lot in the recent period. NissanIt was stated to be caused by.

Renault, one of the companies in the automotive industry that has come to a halt due to the coronavirus pandemic, suffered a serious decline in stocks after disclosing this loss. Approximately in stocks 9 percent drop Renault, who is living, is expected with great curiosity how to deal with this.

CEO of the French automotive giant Luca de Meo, “We are facing an unprecedented situation, but this is not the end. Together with the group’s management staff and other employees, we focused on correcting this bad trend in a strict discipline. I strongly believe that Renault will pull itself together” said.

Thousands of employees will be removed

Renault will take some steps to react to this huge damage. in total, 2 billion euros The company will implement a tightening policy that finds 14 thousand 600 employees and lay off would reduce production capacity It has announced. In this process, the company will begin to focus on quality, not on the height of its production capacity. This means that the new models of Renault, which are preferred because they are cheap in our country, will be more compact and their prices will be high in this rate.

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So how do you think Renault will manage to get out of this bad process? You can share your thoughts with us in the comments section.

Source :
https://europe.autonews.com/automakers/renault-reports-record-86-billion-first-half-loss