French automaker Renault has unveiled plans to withdraw from the Russian market.
On Monday, it announced that 100 percent of its shares in Renault Russia will go to the city of Moscow.
Under the plan, the group will sell its majority stake in Russian automaker Avtovaz to a Russian science institute.
Renault suspended operations at its plant in Moscow in March, hours after Ukrainian President Volodymyr Zelenskyy specifically called on the automaker to bow out of the Russian market.
Renault says it expects to incur losses of nearly 2.2 billion euros, or 2.29 billion dollars as a result of the move.
On Monday, it announced that 100 percent of its shares in Renault Russia will go to the city of Moscow.
Under the plan, the group will sell its majority stake in Russian automaker Avtovaz to a Russian science institute.
Renault suspended operations at its plant in Moscow in March, hours after Ukrainian President Volodymyr Zelenskyy specifically called on the automaker to bow out of the Russian market.
Renault says it expects to incur losses of nearly 2.2 billion euros, or 2.29 billion dollars as a result of the move.
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Summary
French automaker Renault intends to exit the Russian market, transferring full ownership of Renault Russia to Moscow and selling its majority stake in Avtovaz to a Russian science institute. The decision follows suspension of operations at its Moscow plant in March after Ukrainian President
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ID: 62825dfc-eb18-4ba5-9a2f-356ec0a80b98
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220516_29/
Date: May 16, 2022
Created: 2022/05/16 23:21
Updated: 2025/12/09 16:19
Last Read: 2022/05/16 23:21