The French carmaker Renault presents its activities in Russia because of the war in the Ukraine completely and sells all shares in the company. As the group announced on Monday in Boulogne-Billancourt, Renault is selling all its shares in Renault Russia to the city of Moscow and its stake in the manufacturer Avtovaz to the Central Institute for the Development of Automobiles and Engines (Nami). There is a buyback option for Avtovaz shares over the next six years. the Renault share
fell almost 0.2 percent on Monday morning.
“Today we made a difficult but necessary decision,” said Renault CEO Luca de Meo (54). Renault is keeping the option open to return to Russia in a different context.
The value of the investments in Russia of around 2.2 billion euros will be booked out in the first half of 2022. “I have confidence in Renault Group’s ability to continue accelerating its transformation and exceeding its mid-term goals,” said de Meo.