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.
Renault is the best-selling car brand in Turkey, it announced first half 2020 financial results. According to the announcement, it was revealed that the French automobile giant suffered a total loss of 7.3 billion euros. It was stated that 4.8 billion euros of this record loss was caused by Nissan, which was talked a lot due to the recent depreciation.
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. Renault, which experienced a 9 percent decline in stocks, is expected with great curiosity about how it will deal with it.
Luca de Meo, CEO of the French automotive giant, said, “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 recover itself. ”
Thousands of employees will be removed
Renault will take some steps to react to this huge damage. The company, which will implement a tightening policy of 2 billion euros in total, announced that it will lay off 14,600 employees worldwide and reduce its production capacity. 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.