French finance minister: Renault future is uncertain

The French finance minister on Friday said France's car manufacturer Renault "has serious financial difficulties" and that its future is uncertain.

"Yes, Renault can disappear, big industrial manufacturers can disappear, we must be realistic," said Bruno Le Maire on Europe 1.

The makers of Renault, Peugeot and Citroen cars suspended all production and other companies were forced to sharply curtail activity to stem the virus' spread.

Renault has seen " a slump in vehicles sales. It's minus 80-90% in the past few weeks, so it's urgent to act and urgent to define a strategy for Renault," added Le Maire.

France's Renault saw its sales and earnings drop last year and 2020 was already foreseen as being a tough year due to the need for investment in new technologies at a time when the market is shrinking.

Those uncertainties include EU limits on car emissions, which will require car companies to sell more battery-powered vehicles, as well as the impact of the new virus.

Le Maire said that French president Emmanuel Macron will announce a plan for the automobile sector next week.

"This moment is a re-foundation moment of the French car industry towards a carbon-free industry and green cars," he added.