Top Automobile company confirms 15,000 Job cuts, Employees Protest!

Carmaker Renault said on Friday that it would be cutting almost 15,000 jobs including nearly 4,600 in its core French Operations. The decision was taken in order to deal with the economic losses incurred due to the coronavirus crisis. 

The company is planning to target savings of more than two billion euros over the course of three years. The target is also to shift its focus towards electric vehicles since it will restore competitiveness in a market dealing with low demand.

Renault, reportedly, has been facing some sort of crisis or other even before the pandemic. It started with the shock arrest of its former boss Carlos Ghosn on charges of financial misconduct in the year 2018. The rifts in its alliance with Japanese partners Nissan and Mitsubishi, came shortly after the arrest.

"The difficulties encountered by the group, the major crisis facing the automotive industry and the urgency of the ecological transition are all imperatives that are driving the company to accelerate its transformation," Renault said in a statement.

As per ET’s report, thousands of workers rallied Saturday outside the Renault factory in northern France to protest the automaker's decision to cut 15,000 jobs worldwide. The plant, which employs around 2,100 people, has been stopped since Friday.