Renault will decide on Russian future in coming weeks
10 May 2022 - 09:04
byNick Carey
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A Renault car showroom in Saint Petersburg, Russia.
Picture: REUTERS
Renault’stop executive says the carmaker will decide in the coming weeks on the future of its operations in Russia, where it suspended operations in late March following the invasion of Ukraine.
“Negotiations are still ongoing,” CEO Luca de Meo said at the FT Future of the Car 2022 conference, adding that leaving Russia entirely involves writing down the value of its assets. “But we also know that we’ve been working for 10 years investing a lot of money there so we are also here to protect our assets and what we’ve done.”
In late April, Russia said Renault would transfer its 68% stake in Russia’s biggest carmaker Avtovaz to an auto research institute for one symbolic rouble.
De Meo also said that Renault is working on 10 to 15 projects with its Japanese alliance partner Nissan that will demonstrate why it “makes senses for us to stay together”.
He added that the “door is open” for the Japanese carmaker to follow the French carmaker’s plans to split its electric vehicle unit from its internal combustion engine business.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
NEWS
Renault will decide on Russian future in coming weeks
Renault’s top executive says the carmaker will decide in the coming weeks on the future of its operations in Russia, where it suspended operations in late March following the invasion of Ukraine.
“Negotiations are still ongoing,” CEO Luca de Meo said at the FT Future of the Car 2022 conference, adding that leaving Russia entirely involves writing down the value of its assets. “But we also know that we’ve been working for 10 years investing a lot of money there so we are also here to protect our assets and what we’ve done.”
In late April, Russia said Renault would transfer its 68% stake in Russia’s biggest carmaker Avtovaz to an auto research institute for one symbolic rouble.
De Meo also said that Renault is working on 10 to 15 projects with its Japanese alliance partner Nissan that will demonstrate why it “makes senses for us to stay together”.
He added that the “door is open” for the Japanese carmaker to follow the French carmaker’s plans to split its electric vehicle unit from its internal combustion engine business.
Reuters
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Renault considers separating electric vehicle unit in IPO
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