The French car manufacturer Renault announced Wednesday evening to suspend “from this day” the “activities of the Renault factory in Moscow” and to evaluate “the possible options concerning its participation” in its Russian subsidiary AvtoVAZ.
“As a result, Renault Group is forced to review its financial outlook for the year 2022 with a Group operating margin of around 3%”, against more than 4% previously, the group announced in a press release published after calls to a global boycott of the brand launched by Ukrainian diplomacy. AvtoVAZ, 69% owned by Renault, is the Russian market leader with its Lada brand.
