French automaker Renault has posted its first net loss in two years, as its withdrawal from the Russian market takes a toll on profits.

Renault Group reported a net loss for 2022 of 338 million euro, or 360 million dollars.

That was despite sales climbing to 46.3 billion euro, or 49.4 billion dollars.

The invasion of Ukraine prompted Renault to end operations in Russia. It also sold off its majority stake in its subsidiary in the country called AvtoVAZ.

Russia had accounted for about 20 percent of Renault's sales. Last year, the company sold just over 2 million vehicles worldwide, down sharply from the previous year.
The French firm is focused on boosting its electric vehicle business, getting investment from an alliance with Japanese automaker Nissan Motor and US chipmaker Qualcomm.