French automaker Renault had temporarily suspended operations at its Moscow plant in Russia from February 28 until March 5 amid logistic issues that led to component shortages, as SteelOrbis previously reported. Following the restart of the plant, Ukraine’s President Volodymyr Zelenskyy harshly criticized the company’s decision to resume operations in Russia, asking French companies including Renault to stop “sponsoring Russia’s war”. Renault has since announced that it has suspended its activities at its manufacturing plant in Moscow as of March 23.
Regarding its stake in Russian automobile manufacturer Avtovaz, Renault is assessing the available options, taking into account the current environment.
Consequently, Renault has to revise its 2022 financial outlook, with an operating margin of around three percent compared to four percent.