Renault president: Leaving Russia was extremely painful

The decision to completely withdraw the French company Renault from the Russian market was extremely painful. And the transfer of his stake in AVTOVAZ was necessary to keep the Russians’ jobs, Renault president Jean-Dominique Senard said in an interview with Japanese television channel NHK.

The agency TASS refers to excerpts from this interview.

“It was a very painful decision, but it was the best choice to protect our 45,000 employees [в России]because we don’t know when the economic sanctions can be lifted.”

Senar believes there is still the possibility of resuming Renault’s operations in Russia. The fact is that the company was given a six-year option to buy back its stake in AVTOVAZ.

The president also noted that the European car industry is now in an extremely “difficult situation, which has never been seen before”. Due to the special operation in Ukraine, there are interruptions and a sharp rise in the price of components.

On May 16, the Ministry of Industry and Trade of the Russian Federation announced that it had signed a deal with Renault regarding its Russian assets. parts Renault in AVTOVAZ (67.69%) was transferred to the NAMI design institute subordinate to the Ministry of Industry and Trade, the remaining shares will be held by Rostec. AVTOVAZ will continue to manufacture the entire line of Lada cars at its plants and will carry out service maintenance on Renault cars in the Russian market.

Source: Z R

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