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24 Mar 2022

Tara Patel, Yahoo Finance, Bloomberg

Renault shuts down in Russia & weighs quitting venture amid mounting pressure

Automobile production

Renault shuts down in Russia and weighs quitting venture, 24 March 2022

Renault SA is preparing for an exit from Russia amid mounting pressure on the French automaker to stop doing business in the country over its invasion of Ukraine.

The company is halting operations at its Moscow plant...and is considering the future of a longstanding Russian venture called AvtoVaz. In response to the pullback from its second-biggest market, Renault revised downward its financial outlook for this year both for profit margin and free cash flow...

Renault was one of the last major European companies to continue manufacturing in Russia...The automaker has significant ties in the country through its majority stake in AvtoVaz, the maker of Lada vehicles...