Renault-Nissan may cut 1,000 jobs, output at Chennai factory

Franco-Japanese carmaker alliance Renault-Nissan plans to cut up to 1,000 jobs in India and reduce production at its plant near Chennai, the Economic Times said on Thursday, citing an unnamed source.

The group has decided to halve output to 20 cars an hour, blaming inventory that has accumulated over the last three months as Indian consumers hold back from big purchases.

"To adapt to the volatile business environment and consistent to our strategy, Renault-Nissan is continuously adapting to market needs to optimize manufacturing operations," a Renault spokesman said. We have no further comments on this."