Patrick Berger and Andreas Engel
Car maker Renault ends its involvement in Russia, which was worth 2.2 billion euros six years ago. The French are selling their stake in Lada maker Avtovaz for the symbolic price of one ruble. The buyer is the state scientific institute Nami. A financial disaster for Renault, which had promised a lot from entering the large Russian market.
The assembly lines in Russia have been standing still since March – a consequence of the West’s sanctions against Russia. Now the French are also parting with their 68 percent stake in the largest Russian carmaker. According to media reports, the Renault plant is to be handed over to the Moscow city administration.
Repurchase after six years
After all: Renault can buy back the factory within five to six years, according to the authorities. However, that shouldn’t be a bargain. “But if we make investments during this time, then the price will take them into account. There will be no gifts there, »says Trade Minister Denis Manturov (53) of the Interfax news agency. Renault and the French state declined to comment on the sale.
The SUV models Renault Arkana and Captur, Dacia Duster and Nissan Terrano were manufactured at the Moscow plant. 45,000 employees are now out of work. They were sent on compulsory vacation.
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Renault is far from the only auto industry company ceasing operations in Russia: more than 400 companies have already left the country since the start of the war of aggression against Ukraine. Mercedes recently announced that it would withdraw from Russia. The large Stuttgart group was active in the export of vehicles and spare parts and operated several plants in Russia, whose production was recently stopped. According to their own statements, Mercedes made a loss of over 700 million francs in the first quarter.