World Bulletin / News Desk
French car maker Renault is considering the complete closure of factories because of the dire state of the European automobile market, the company's chief operating officer was quoted as saying on Sunday.
"We will see. We are currently talking to the unions and explaining to them how big the gaps are in our competitiveness," Carlos Tavares told German trade newspaper Automobilwoche.
"We have a competitiveness problem in western Europe and France."
The European market's prolonged decline is even starting to make previously impervious car makers, such as Volkswagen , feel vulnerable. "We're bracing for more negative surprises in 2013, perhaps also in 2014," Christian Klingler, VW's sales chief, said at the Paris auto show last week.
Tavares pointed out that Renault's cooperation with Nissan had given the company hard data on productivity levels at Nissan factories in Sunderland in Britain and Barcelona in Spain.
"These factories are really top," the Renault CEO said, adding that discussions were under way on whether Nissan could make production capacity available to Renault.
"That is one possibility," Tavares said.
A Renault spokeswoman declined to comment on the report, but Chief Executive Carlos Ghosn said on Friday that the French car maker could disappear "in its current form" if it is unable to be competitive in its home market.
However, Ghosn also said that Renault had no plans at this stage to cut jobs in France.
Summit is expected to provide member states with opportunity to consult, exchange views on the most important issues concerning them in the framework of the Gas Exporting Countries Forum
Slowdown in Chinese economy, rising oil stocks in US, and oversupply from OPEC are all factors making price of oil lower
'World is more connected than ever before. More and more developing countries are seeking to join global trade networks,' WTO director-general says
European Central Bank is ready to use ‘all instruments available’ to stimulate the eurozone economy, Draghi says
Kazakhstan has overtaken Australia as the lead supplier of uranium for US reactors.
Depreciation of emerging market currencies, combined with low commodities prices, have made investors around the globe nervous
Global growth at further risk from Chinese asset price deflation, and US interest rate increases, Moody's says
Traders fear Chinese government will withdraw support measures markets
European Commission president 'convinced' three-year plan will boost investment in EU
Deal aims to bolster fight against tax fraud through exchange of financial information on Turks holding accounts in US and vice versa
Vessels were delivered to port of Alexandria on June 17
The economic cost of violence according to the 2015 Global Peace Index has reached a staggering $14.3 trillion with Syria the least peaceful country.
The leading opposition lawmaker has said that Turkish President Erdogan is open to all possiblities for a coalition.
Qatar has filed a lawsuit against the leader of the National Front in France for his comments regarding "terror" activities.
Saudi Arabia will put in place an electronic bracelet system for all pilgrims visiting the country to perform their Hajj duties.
After U.S. Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates, European stock markets fall.