Nearly 15% of Renault Samsung Workers Opt for Buyout

Renault SA's South Korean unit says about 800 of its 5,500 workers have accepted the company's early retirement offer and will leave the company by Friday.

Renault Samsung denies news reports that it plans additional job cuts.

The buyouts are part of a broader cost reduction effort as aging models and stiff domestic competition erode the unit's sales. Renault Samsung's worldwide volume plunged 40% year over year to 105,000 vehicles in the January-August period. The company's domestic sales plummeted 64% to 4,000 units in August.

Renault Samsung said in July it expects to produce about 180,000 vehicles this year at its assembly plant in Busan, Korea. The facility has annual capacity of 300,000 units.

The company also dismisses as "groundless" a local media report that control of Renault Samsung could be transferred to Renault's alliance partner Nissan Motor Co. in 2014. The Busan facility is scheduled to begin producing the Nissan Rogue SUV that year. Renault owns 80% of the Korean carmaker.