"Renault is playing its survival" and must commit in particular to the maintenance in France of certain activities, warned Bruno Le Maire, stressing that he had not yet given the green light to a loan of 5 billion euros to the builder in distress.
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"This loan, I haven't signed it yet," warns Bruno Le Maire
"This loan, I have not yet signed it," said the Minister of Economy in an interview published Thursday evening by Le Figaro , asking the automakers to commit to three points, including "the location in France of their most technologically advanced activities. " Renault, the French industrial flagship, finds itself in a very bad patch, having seen its factories and its commercial network paralyzed by the coronavirus crisis and the confinements decided in particular in Europe, which brought the new market down by 76.3% in April on the Old Continent.
The diamond group was already weakened before this episode, having suffered in 2019 its first net loss in ten years. The French government, Renault's largest shareholder with 15% of the capital, has agreed to come to its aid by guaranteeing a bank loan of around 5 billion euros, which has been approved by the European Union. But it still has to be validated by Bruno Le Maire and a decree published in the Official Journal.
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A restructuring plan presented on May 29
The group must present Friday, May 29 its new strategic plan, and has already estimated the necessary savings at 2 billion euros. This plan could include the closure of three medium-sized factories in France, as well as a reconversion of the emblematic industrial installation of Flins, in the Yvelines, according to the Canard Enchaîné and a source close to the file. If the builder did not comment on this information, it sparked outcry, Prime Minister Édouard Philippe warned Wednesday that the government would be "uncompromising" on the preservation of the sites.
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"We are continuing our discussions as part of the support plan for the automotive industry," said Bruno Le Maire Thursday evening, revealing that this plan, awaited by the entire industry, would be announced next week by the president of the Republic. In this context, "we ask manufacturers to make commitments in three directions: the electric vehicle, respect for their subcontractors and the location in France of their most technologically advanced activities", detailed the Minister.
Respect for the environment, an essential parameter for obtaining aid
"All the aid we provide to companies must be directed in these two directions: decarbonization of the French economy and improvement of its competitiveness," he continued. The automotive sector in France accounts for 400,000 direct industrial jobs, 900,000 in services.