French Finance Minister Bruno Lemerre said on Friday that Renault may disappear if it does not get help very soon to deal with the repercussions of the Corona virus crisis.
Lemerre told Radio Europe 1 that the French Renault plant in Cork should not be closed and that the company should be able to hold as many jobs as possible in France, but it should still have the ability to compete.
“Yes, Renault may disappear.”
AP Photo / Kamil ZihniogluFrench Finance Minister: Nationalization is the last resort
He explained that the Chairman of Renault’s Board, Jean-Dominique Sennard, was working hard on a new strategic plan, and that the French government was supporting him.
Lemerre also told the newspaper “Le Figaro” that he had not yet signed a loan of 5 billion euros ($ 5.5 billion) for Renault and that talks were continuing.
Renault shares fell 2.9 percent in early trading, to retreat in performance compared to the French CAC 40 index, which fell 1.5 percent.
The government has consistently said that French carmakers should return more production to France in exchange for government support for the troubled sector, and it wants companies like Renault to develop less polluting cars.
It is reported that Renault is a partner in a wider alliance with the Japanese companies Nissan and Mitsubishi Motors, and the alliance is scheduled to announce a new strategy on May 27; According to “Reuters”.