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  • Prime Minister Edouard Philippe said Wednesday his government would insist that Renault maintain factories and other sites in France after a report it wanted to close four facilities in a drastic cost-cutting plan. "We will be extremely committed, uncompromising even, to preserving French sites," Philippe told the Senate. "We will be extremely vigilant that France remains a global centre for Renault in terms of engineering, research, innovation and development," he said. The Canard Enchaine investigative newspaper reported Wednesday that four French sites would be closed as part of wide-ranging overhaul, including the massive Flins factory west of Paris that produces the Zoe electric hatchback and the Nissan Micra. The company has declined to comment on the report, although it said the Flins site would begin producing face masks for its employees and dealership network. Like other automakers, the company has been hammered by the drop in vehicle sales amid worldwide coronavirus lockdowns, which forced it to idle factories as dealerships closed. Renault was already struggling to recover from the management crisis that followed the ouster of Carlos Ghosn last year after his arrest in Japan on financial misconduct charges while head of alliance partner Nissan. Last year, it made its first loss in 10 years, and key ratings agencies have cut its debt ratings to below investment grade. Renault, Nissan and alliance partner Mitsubishi are to lay out their recovery strategy next week, and Renault's management has said it will cut spending by two billion euros ($2.2 billion). The French state is readying a five billion euro loan for the company, an amount that nearly matches its total market valuation -- Renault shares have plunged nearly 60 percent since the start of this year. "The company has a responsibility to move forward, to transform itself but also to take into account the realities of the country that hosts it and in a certain way helps it live," Philippe said. He added that Renault's strategic overhaul would be "offensive, not defensive," suggesting the firm would step up its shift toward electric vehicles after being one of the first major carmakers to invest heavily in alternative powertrains. "In times like these it is always better to take the steps you were planning to take faster, instead of trying to defend as long as possible as position that is no longer viable," Philippe said. jmt/cs/js/mlr/bmm
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  • France will be 'uncompromising' on maintaining Renault sites: PM
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