Automaker Renault announced that voluntary job cut at South Korean unit Renault Samsung Motors would affect nearly 4700 workers. The company will launch voluntary redundancy programme as the lower sales in various markets have forced the company to reduce cost.

Renault Samsung spokeswoman said that the market conditions are difficult and the company has come up with voluntary retirement scheme to reduce its costs.

In South Korean market, Renault Samsung faced the worst performance. The company registered 34 per cent decline in its sales in home and outside markets during the first seven months of year 2012. Nissan Rouge will also be manufactured at South Korean facility from year 2014. GM Korea witnessed 2.1 per cent decline in sales during January to July.

Japanese automobile majors Nissan and Toyota have planned to increase the North American production to reduce the effect of rising Japanese Yen. The companies plan to increase their production base in North American markets.