Hong Kong/London (CNN Business) Renault is slashing 14,600 jobs as part of a major overhaul designed to reduce costs and help the French carmaker survive the coronavirus pandemic. The company announced Friday that it will cut fixed costs by more than €2 billion ($2.2 billion) over the next three years. The plan will cost about €1.2 billion ($1.3 billion) to implement, the company said. The company was in trouble before coronavirus, reporting its worst financial performance in a decade last year, with net profit dropping 99% to just €19 million ($21 million). "The Covid crisis has only aggravated an existing situation," acting CEO Clotilde Delbos said on a call with analysts on Friday.

Source: CNN May 29, 2020 08:03 UTC