France automaker company Reno on Friday announced the termination of 15,000 jobs globally.
Renault plans to reduce costs by 2 billion euros in the next three years.
⇛As part of the plan, Renault will fire 4600 employees in France alone, which has a staff of 48500 people, while more than 10,000 jobs will be cut in new countries. The company has a total of 1 lakh 80 thousand employees and the reduction in employment will affect the work workforce by more than 10 percent.
⇛The company said in its statement that the vehicle industry is going through a crisis. The changes being made in the company are with respect to the changing environment. The French government has a 15 percent stake in Reno. The retrenchment will reduce Reno's annual production capacity from its existing figure of 40 Lacks vehicles to 33 lacks.
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