Renault halts industrial activities in Russia

Renault S.A. announced on Wednesday that it is suspending its industrial activities in Russia due to the current crisis in Ukraine, underlining that “it already implements the necessary measures to comply with international sanctions.”

The Board of Directors of Renault Group decided in a meeting that the company will halt activities in its “manufacturing plant in Moscow.” The company added that in regard to “its stake in AVTOVAZ, Renault Group is assessing the available options, taking into account the current environment, while acting responsibly towards its 45,000 employees in Russia.”

It further stated that the company will have to “revise its 2022 financial outlook with a Group operating margin of around 3%,” which was previously on 4%, and “a positive automotive operating free cash flow,” which previously stood at €1 billion.