Renault on the verge of collapsing? Minister France: "They could disappear"
F1 News
- GPblog.com
The Minister of Finance in France rang the alarm bell for car manufacturer Renault. According to Minister Bruno Le Maire, there is a real chance that Renault will not survive the corona crisis.
Renault is having a hard time in France. Not only the Formula 1 branch is struggling, but the whole company is on the verge of collapse. This was confirmed on Friday by the French Minister of Finance in conversation with radio broadcaster Europe 1. "Yes Renault could disappear from the market". It is a worrying message for a lot of people, who will lose their jobs.
According to the minister, Renault will have to make big cutbacks and they will have to do everything they can to limit the loss. Only with money from the government they won't get there. The car manufacturer is hoping for a loan of 5 billion from the government. However, the minister has not yet signed for this. Both parties are still talking to each other. One condition is that the French company will produce more cars in France, and less abroad.
Renault F1
The question is whether Renault can remain in Formula 1 as soon as they get a loan from the government. Can a prestige project such as Formula 1 still be defended to the taxpayer in France?