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		</div><p>French car giant Renault is seeking billions in state-backed loans as it tries to weather the coronavirus crisis.</p>
<p>The company is also cancelling its dividend for 2019 and its chairman is taking a pay cut.</p>
<p>Jean-Dominique Senard’s salary will be cut by 25% for the second quarter of 2020.</p>
<p>However, interviewed on RTL radio on Friday, he declined to say how much in monetary terms the cut would cost him.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
<p lang="en" dir="ltr">In the current context &; in a spirit of responsibility towards all of the Group’s stakeholders, our Board decided to no longer propose the distribution of a dividend at the General Meeting. All the members of the Board will also reduce their compensation: <a href="https://t.co/JCthEqkd8f">https://t.co/JCthEqkd8f</a> <a href="https://t.co/dh5SajpE8b">pic.twitter.com/dh5SajpE8b</a></p>
<p>&mdash; Jean-Dominique Senard (@jdsenard) <a href="https://twitter.com/jdsenard/status/1248299971759280133?ref_src=twsrc%5Etfw">April 9, 2020</a></p></blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>The company will cancel 300 million euros (£263 million) worth of dividends that had been intended to be paid to shareholders for last year.</p>
<p>Mr Senard said Renault is not seeking to be nationalised but is working to secure state-backed bank loans to cushion the shock of the Covid-19 crisis that has slashed demand for vehicles and shut down production.</p>
<p>He said the loan amounts have not been fixed but could be as much as 5 billion euros (up to £4.4 billion).</p>
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