French motor manufacturer, Renault, has announced that it will lay off 15,000 workers worldwide following the effects of the Coronavirus pandemic on its operations.
The company says it will lower its vehicle production capacity by more than five percent.
Renault is under-going cost cutting measures that will last three years, aiming to save about $167 billion.
Chairman Jean-Dominique Senard said at a news conference that “each decision, each cost cut has been weighed at length with employees in mind.”
Senard said the company will rely on voluntary departures, rather than firings, to meet its targeted cuts and is starting talks with unions.
The company’s biggest plant in France, is expected to cut nearly 4,000 jobs in the exercise.