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Report: Renault to announce annual cost cuts of 2 billion
Renault's Formula 1 programme could be in the firing-line with the French manufacturer set to make drastic cost cuts amidst its toughest period in recent memory. Even before the onset of the coronavirus, Renault announced in February its plan to reduce costs after posting its first annual loss in a decade. Now the financial woes seem to have deepened as on Wednesday they accepted a 5 billion loan from the French government, who own a 15% stake in the company. As per a report from Les Echos, these difficulties have caused the company to consider closing up-to four of its French factories over the next few years, and it is speculated that its Formula 1 team could also become a casualty....
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