French carmaker Renault could unveil job cuts and plants closures on Thursday as the company looks to save 2 billion euros ($2.2 billion) in costs, a representative for far-left union CGT said on Monday, reports Yahoo! News.
Renault has called for a meeting with unions on Thursday regarding its cost-saving plans, the representative said.
"This is when the general management will formalise what it calls a 2 billion (euro) cost-cutting plan, in which further staff reductions and even site closures can be expected," CGT representative Fabien Gâche said in a video posted online.
A second union source confirmed that a meeting with unions is planned for Thursday evening.
A Renault spokesman said that French law requires advance notice to staff representatives, adding that he was not aware of the day and the timing of the meeting.
The French carmaker, which last year posted its first loss in 10 years, is expected to detail a drastic three-year savings plan at the end of the week.