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Benzinga
Benzinga
Business
Shivani Kumaresan

Renault Halts Russia Operations; Looks To Shed AutoVaz Stake

Renault Russia AvtoVAZ RNLSY Renault SA Ukraine
  • Renault SA (OTC:RNLSY) has halted some of its Russian operations indefinitely, the Financial Times reported.
  • The carmaker is also planning to step back from its investment in Lada maker AvtoVaz.
  • Renault is assessing the available options regarding its stake in AvtoVaz, while acting responsibly towards its 45,000 employees in Russia.
  • The report noted that the French group had been in the spotlight over its continued presence in Russia after the invasion of Ukraine and had faced calls for a boycott from Ukrainian politicians.
  • Renault also revised its 2022 financial outlook, expecting an operating margin of around 3% versus ≥ 4% previously. It sees positive automotive operating free cash flow versus ≥ €1 billion previously.
  • Price Action: RNLSY shares closed 3.86% lower at $4.98 on Wednesday.
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