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PARIS (Reuters) – French automaker Renault will seek to generate more than 1 billion euros ($1.20 billion) in sales from the so-called “circular economy” by turning its Flins factory outside Paris into a research, recycling and repair centre, its boss told French weekly Journal du Dimanche.

© Reuters/Christian Hartmann The Renault factory in Choisy-le-Roi near Paris

“Our ambition, by 2030, is to achieve more revenue (from recycling and repair at Flins) than from assembling cars there,” said Luca de Meo, Renault’s chief executive. “And to generate more than a billion euros in turnover in the circular economy.”

This represents a little more than 2% of the Renault’s total sales in 2020. The group will report its first-quarter sales on Thursday.

Renault confirmed last year that it would stop assembling new cars at the Flins factory and turn the site into a research, recycling and repair centre by 2024 in a move to save full-time jobs at the plant.

The loss-making carmaker said it aimed to employ 3,000 people at the revamped site by 2030.

(Reporting by Mathieu Rosemainl Editing by Cynthia Osterman)