Renault aims to avoid renationalization, chairman says

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Renault may seek French government guarantees to bolster its finances in the face of the coronavirus crisis, but a renationalization of the automaker is not being considered, Chairman Jean-Dominique Senard told Le Parisien newspaper."We may seek state guarantees like other companies," Senard was quoted as saying by the French daily.Invoking the last global financial crisis, when Renault received a 3 billion euro ($3.2 billion) government loan, Senard said a renationalization was "not on the agenda" as things stand."Remember that in 2008-2009 we never got to that point," he said.

 

Orders for some models were currently down 90 percent, Senard also said.In February, Renault in  reported its first loss in a decade.The French government nationalized Renault after World War 2, then privatized the company in 1996. The government has a 15 percent stake in the automaker.