Today in France, a meeting of the Renault Group Board of Directors was held, at which it was decided to immediately suspend activities at the Renault Moscow plant.
A little earlier, Bloomberg reported that Renault intends to explore possible options for reducing its activities in Russia. Later, Reuters reported, citing its sources, that the French company “decided to suspend” all operations in Russia. And now, in fact, there is an official confirmation of this data.
However, the company may not be limited to just stopping the plant. The official message says: “With regard to the stake in AvtoVAZ, Renault Group is evaluating the options available given the current situation, acting responsibly towards its 45,000 employees in Russia. Renault Group reminds that it is already taking the necessary measures to comply with international sanctions.”. It is not clear what options regarding its stake in AvtoVAZ the company is considering, but it is possible – reduction or even sale. Recall that Renault Group owns 68% of AvtoVAZ shares, the remaining 32% belongs to Rostec.
Earlier, when many European automakers suspended their activities in Russia, Renault decided to continue it. This caused a negative reaction in the West, there were calls to boycott the company’s products. But the European market is incomparably larger than the Russian market, and it seems that Renault was simply given a choice, and now it has made this choice.
Source: ixbt
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