Renault Halts Russia Operations; Looks To Shed AutoVaz Stake

by Shivani Kumaresan, Benzinga Staff Writer

March 24, 2022 7:39 AM | 1 min read | Make a Comment

Renault SA RNLSY has halted some of its Russian operations indefinitely, the Financial Times reported.
The carmaker is also planning to step back from its investment in Lada maker AvtoVaz.
Renault is assessing the available options regarding its stake in AvtoVaz, while acting responsibly towards its 45,000 employees in Russia.
The report noted that the French group had been in the spotlight over its continued presence in Russia after the invasion of Ukraine and had faced calls for a boycott from Ukrainian politicians.
Renault also revised its 2022 financial outlook, expecting an operating margin of around 3% versus ≥ 4% previously. It sees positive automotive operating free cash flow versus ≥ €1 billion previously.
Price Action: RNLSY shares closed 3.86% lower at $4.98 on Wednesday.