Renault plans to reduce its workforce by 3,000 jobs amid cost-cutting measures

Renault, a French automobile manufacturer, has announced plans to reduce its workforce by 3,000 jobs through a voluntary redundancy program for workers in support roles, according to a report from French newsletter L’Informatique dated Saturday, October ￰0￱ of the support areas Renault intends to reduce by 15% include human resources, finance, and ￰1￱ is part of the company’s cost-saving project known as “Arrow.” The reduction is anticipated to result in approximately 3,000 job losses at the firm’s headquarters in Boulogne-Billancourt, near Paris, and at other locations ￰2￱ development follows the introduction of a commercial version of the French automaker’s new Renault 4 E-Tech crossover.

Still, you would be hard-pressed to identify it as a work vehicle at first ￰3￱ the Societe, this new line of electric cars for professionals skips the traditional van look in favor of something much more ￰4￱ 2021, Renault unveiled a concept inspired by the classic Renault 4 Fourgonnette, sparking hopes for a retro ￰5￱ with the new 4 E-Tech Societe, the automaker opted for a more budget-friendly ￰6￱ plans to reduce its workforce by 3,000 jobs amid cost-cutting measures Regarding the workforce reduction , the French newsletter cited a source with knowledge on the topic of discussion, which is close to the company, revealing that a final decision could be made by the end of this ￰7￱ reports requested that Renault comment on the situation, the car manufacturer confirmed that it is exploring cost-cutting measures.

However, the company stated that no specific number has been decided on since they have not yet finalized this ￰8￱ to a spokesperson for Renault, the firm has embraced this approach due to increasing uncertainties in the automotive market and the intense competitive nature of the industry. “Therefore, we are looking into ways to streamline our operations, improve execution speed, and lower our fixed costs,” the spokesperson ￰9￱ total number of Renault’s workforce in 2024 was 98,636 employees ￰10￱ July, the car manufacturer announced a net loss of € 11.2 billion, roughly equivalent to $13 billion for the year’s first ￰11￱ included a €9.3 billion write-down related to its partner, Nissan.

Notably, without this write-down, the net income would have decreased to € 461 million, which is lower than one-third of the previous year’s. This drop resulted from a weaker van market, increased costs related to electric vehicles, and pressure from swift industry ￰12￱ faces significant challenges in its operation Analysts have raised concerns about how Renault’s CEO, François Provost, manages the company’s profit ￰13￱ to them, Provost, who replaced Luca de Meo in July when the owner of Gucci Kering poached him, needs to address profit margins as soon as ￰14￱ also highlighted that he needs to work to bring Renault’s credit rating back up to an investment grade, while figuring out how the relatively small car company can survive US tariffs and stiff competition from Chinese ￰15￱ issue was raised after reports from sources revealed that although Renault has been largely protected from US tariffs, as it does not have a footprint there, it has been indirectly hit by greater commercial pressure as European rivals seeking new markets outside the United States step up efforts to sell in its home region of ￰16￱ the meantime, the company reported zero growth in second-quarter sales volume and cautioned that sales performance was weak in ￰17￱ also faces increasing competition from Chinese newcomers in the electric car and hybrid ￰18￱ analysts suggest that Renault may have experienced slower price-mix momentum during the first half of the ￰19￱ company is due to announce full first-half results ￰20￱ up to $30,050 in trading rewards when you join Bybit today