FILE PHOTO: A logo of automaker Renault is pictured at a dealership in Le Loroux-Bottereau, France, September 28, 2020. REUTERS / Stephane Mahe / File Photo

PARIS (Reuters) – French carmaker Renault RENA.PA has drawn part of a € 5 billion ($ 5.85 billion) loan guaranteed by the French government, set up earlier this year to shore up its finances during the coronavirus crisis, its president said.

Jean-Dominique Senard did not detail the amount of the loan that Renault had used, but added that the group had abundant liquidity and that it had only used the facility to make the most of the tools at its disposal. disposition.

“There will not be a single euro of public money used for Renault, I make it clear, unless the world collapses,” Senard said at an event Thursday in which the automaker has unveiled a new design for an electric vehicle.

Renault has joined several other large French companies, including Air France-KLM, to obtain state-guaranteed loans, as part of a crisis program implemented in France to help companies cope with the pandemic.

Its credit is lent by commercial banks but benefits from a guarantee from the French State up to 90% of the amount borrowed.

Financial director Clotilde Delbos added that the loan was due to expire at the end of the year, and that it would have been “a bit of a shame” not to make use of it.

“We have a very good level of liquidity, there is no problem with liquidity, it’s just good financial management,” said Delbos.

Report by Gilles Guillaume, writing by Sarah White; Editing by Elaine Hardcastle

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