Renault suspended production at its plant in Russia in March.
French carmaker Renault is considering the ultimate fate of its operations in Russia.
As early as March, the carmaker said it would shut down its Moscow plant and weigh the future of its operations in Russia. On Friday, Renault said discussions on the issue “continue and move forward”.
Renault, through its subsidiary and Avtovaz, Russia’s largest carmaker, manufactures Lada vehicles.
The statements were issued at the same time as the company reported better-than-expected interim results. Rising prices and growing sales of electric vehicles offset the costs of the war in Ukraine and the effects of component shortages.
Russian Gazeta.ru website again says based on its sources, that Renault will soon be selling Avtovaz to a Russian buyer. According to the site, the company is preparing for a change of ownership, which is scheduled for May. Renault has not confirmed the information, but the company said at the end of March it considered selling Avtovaz to a local buyer as one of its options to leave Russia.
According to the Russian website, Avtovaz could be owned by the Russian state Rosteh or owned through the Ministry of Industry and Trade. Russia has threatened to nationalize the assets of international companies if they leave the country. If nationalization were to take place, it would be very uncertain to continue as before.
Rosteh has previously owned a third of Avtovaz, of which Renault owns almost 70 percent.
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