Renault calculated how much money it lost leaving Russia and how many cars it failed to produce

It follows from Renault’s report that the company’s net loss from the termination of its activities in Russia amounted to 2.3 billion euros.

The loss mainly relates to “the impairment of property, plant and equipment, intangible assets and goodwill of AVTOVAZ and Renault Russia, as well as the impairment of specific assets owned by other entities of the Group and sold as a result of the sale of the Russian entities “.

Recall that under heavy pressure from the European Union, Renault was forced to cease its activities in Russia and transfer its assets to state ownership: the share in AVTOVAZ was transferred to FSUE NAMI, the Renault Russia factory to the city of Moscow.

The report highlights that the share sale agreement in Russia gives the Renault group the right to buy back its stake in AVTOVAZ over the next 6 years.

The group’s total turnover amounted to 21.121 million euros, an increase of 0.3% compared to the first half of 2021.

In just six months, the group produced 348,000 vehicles, compared to 427,000 (including approximately 12,000 vehicles in Russia) at the end of June 2021.

The Group’s problem is still the shortage of semiconductors, in this regard, about 300 thousand cars may be under-produced by the end of the year.

During the Capital Market Day this autumn, the Renault Group promises to present an updated version of its Renaulution strategy.

  • Leaving Russia was extremely painful, admitted earlier Renault president Jean-Dominique Senard.
  • “Driving” can now be read in In contact with

Source: Z R

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