It’s in Paris. on Wednesday, Renault said that it would stop making cars at its plant in Moscow while it looked at different options for its majority stake in the country’s top carmaker.
The French car company, as a result, changed its operating group margin to around 3% from 4% or more.
There has been a big push by other big carmakers to leave Russia since the invasion of Ukraine, but Renault hasn’t wanted to do the same. It makes about 10% of its money there.
However, after it started making cars again this week at its Avtoframos plant near Moscow, the company has been getting more and more bad press. Factory: Renault Duster, Kaptur and Arkana, and Nissan Terrano are made at this plant.
This is what the company said: “Renault Group activities in Moscow have been stopped as of today.” “With its stake in AvtoVaz, Renault Group is looking at all of its options, taking into account the current environment and acting responsibly for its 45,000 employees in Russia,” says the company.
Opposition MPs in the UK have been calling for the sanctions of Russian oligarchs like Roman Abramovich to be put in place. Now, they want British car owners to boycott Renault.
“Renault has started making cars again in Russia,” Chris Bryant, a member of parliament for the Labour Party, wrote in a tweet. “It’s time to stop buying them in the United Kingdom,” says