The South Korean unit of French carmaker Renault, Renault Samsung motors is planning to cut its workforce by 15% under a voluntary retirement programme in a bid to reduce expenses.
As per the plan, nearly 800 of its 5,500 employees will be leaving the firm.
The carmaker's move follows 40.4% decline in its total sales during the initial eight months of 2012, with domestic sales declining 52%with 32% slump in exports.
Renault Samsung's sole plant in southern port of Busan in South Korea, which has a capacity of producing 300,000 vehicles per year, has been in operational for several days per month since last December
In July 2012, the Renault-Nissan Alliance has confirmed its $160m investment at Busan plant to produce Nissan's Rogue vehicles from 2014.
Renault had acquired a majority stake in the former Samsung Group car-making division, which now owns 80% stake.
