Friday, December 9, 2022

Renault withdraws from Russia altogether

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As the group announced on Monday, Renault is selling all its shares in Renault Russia to the city of Moscow and its stake in the manufacturer Avtovaz to the Central Institute for the Development of Automobiles and Engines (Nami). There is a buyback option for Avtovaz shares over the next six years.

“Today we made a difficult but necessary decision,” said Renault CEO Luca de Meo. Renault is keeping the option open to return to Russia in a different context.

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