The French Renault stressed that it has agreed to sell its activities in Russia and its stake in the Russian car industry AvtoVAZ.
Renault has said it will sell all of Renault Russia’s 67.69% stake in AvtoVAZ to NAMI, a state-owned car research and development company.
“The agreement gives Renault Group the option to repurchase its stake in AvtoVAZ, something that can be done at specific times in the next six years,” the automaker said.
As previously announced, Renault expects to record an accounting charge in the first half of the year in relation to the value of Russian assets. This value amounted to 2.20 billion euros at the end of last year.
Also on Monday, the auto industry confirmed its financial outlook for 2022 and the CEO said he expected the company to exceed its medium-term goals.
Source: Capital
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