Renault Group Industrial Activities in Russia Suspended

The Board of Directors of Renault Group met today and  suspended Group activities in its manufacturing plant in Moscow  The Group also said its stake in AVTOVAZ, is under review for the available options, “taking into account the current environment, while acting responsibly towards its 45,000 employees in Russia.”

Renault Group had previously taken  the necessary measures to comply with international sanctions. However, President Biden is known to be pushing for further sanctions, and is visiting the EU in Brussels today, and then going to Poland.

Read AutoInformed on:

• Renault-Nissan Take Control of Russian Automaker Avtovaz;
• Renault 2021 Global Sales at 1,751,089 or -6%;
• Renault Group Boasts €2B Fixed-Cost Cuts Ahead of Plan;
• Ukraine – Commerce Puts Restrictions on Exports to Russia;
• Ukraine – EU Truck Sectors at Immediate Risk. Others to Unfold)

 As of now, Renault Group revised its 2022 financial outlook with:

• A Group operating margin of around 3% (vs ≥ 4% previously);
• A positive automotive operating free cash flow (vs ≥ €1Bn previously).