Renault warned against job cuts, factory closures by French finance minister

French Finance Minister Bruno Le Maire warned Renault against shutting factories in France and cutting jobs there after the automaker announced “no taboos” cost cuts last week.

Renault reported on Friday its first annual loss in a decade which triggered a commitment to cut costs by 2 billion euros over the next three years, in a plan that could also hit plants in France, its interim chief, Clotilde Delbos, said, Automotive News reads.

“The state will play its role as shareholder in Renault to make sure that the choices which will be made will not go against jobs and factories in France,” Le Maire told journalists in Brussels.

He said the government would talk with the automaker and remain “very vigilant” on its cost-cutting strategy.

Le Maire said he had discussed Renault’s industrial plan on Sunday in a telephone call with Chairman Jean-Dominique Senard.

That “dialogue” will continue, Le Maire said, acknowledging Renault’s needs to adapt to face new challenges. But he said changes should take into account the long-term interests of Renault in France. The French government has a 15 percent stake in Renault and two board seats.