French automaker Renault announces 3-day return to production in Moscow

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French automaker Renault resumed production at its Moscow plant on Monday. However, the comeback will only last three days, group spokesperson Rie Yamane confirmed to CNN on Tuesday (22).

“Renault Russia has confirmed the restart [da produção] on Monday, but only for three days,” Yamane said. She declined to provide further details when CNN asked why the company is restarting production for three days.

On February 28, Renault stopped production following Russia’s invasion of Ukraine, CNN’s French affiliate BFMTV reported.

Russia was a key player in Renault’s global empire before the start of the war.

With 482,264 cars sold in 2021, Russia was the second most important market for Renault, second only to the carmaker’s base in France in terms of sales volume, according to the group’s 2021 sales results.

Renault owns the major Russian automaker AvtoVAZ, whose Lada brand accounted for almost 21% of the Russian market in 2021. Lada Vesta and Lada Granta were the two most popular car models in Russia in 2021, according to the 2021 financial results of the Renault Group.

Renault’s share price has dropped more than 26% since Russia launched the invasion on Feb. 24, according to data from the Paris stock exchange.

The French state is Renault’s largest single shareholder, with a 15.01% stake at the end of 2020, according to group data.

France’s finance ministry declined CNN’s request for comment on the resumption of Renault car production in Moscow.

Source: CNN Brasil

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