On March 23, Renault officially announced that it would suspend the operations of its Moscow plant while it assesses options on its majority stake in Avtovaz, the number one carmaker in Russia, reports Reuters.
As a result, the French carmaker adjusted its operation group margin to 3% from 4% or up. The company's website says that the Board of directors has not yet decided what to do with Avtovaz.
«As for its stakes in Avtovaz, Renault Group is assessing available options considering the current situation and its responsibilities to 45 thousand employees in Russia," says the statement.
The company added that Renault Group "already implements necessary steps to abide by international sanctions."
Earlier, the Ukrainian Minister of Foreign Affairs, Dmytro Kuleba, appealed to consumers and partners worldwide to boycott Renault because it refused to leave the Russian market.