PARIS — Renault plans to cut 5,000 jobs by 2024 to help save 2 billion euros ($2.20 billion) in costs, according to a report published by Le Figaro newspaper.

The automaker will not resort to outright lay-offs, the newspaper said on its website on Tuesday.

Renault will prioritize “the non-replacement of employees planning to retire,” the report said.

The company declined to comment on Le Figaro’s report.

Renault has a 48,500-strong workforce in France as of 2019. The automaker is expected to unveil job cuts and plant closures on Thursday as part of its cost-saving plan.

Earlier on Tuesday, President Emmanuel Macron announced an 8 billion euro plan to make France the top producer of clean vehicles in Europe and urged French carmakers to make vehicles in their own country.

Macron said the government would not sign off on a planned 5 billion euros ($5.5 billion) state loan for Renault until management and unions had concluded talks over the company’s French workforce and sites.

Renault is 15 percent owned by the French state.