Renault lost 2.3 billion euros due to withdrawal from Russia
- July 29, 2022
- 0
The amount that Renault had to give up in connection with the refusal to operate in Russia became known. Portal “AvtoVzglyad” provides details. – The net loss from
The amount that Renault had to give up in connection with the refusal to operate in Russia became known. Portal “AvtoVzglyad” provides details.
– The net loss from the discontinuation of operations was 2.3 billion euros as a result of a non-cash adjustment related to the liquidation of industrial activities in Russia announced on May 16, 2022, the company said in a published report.
Recall that on May 16 of this year, all of Renault’s Russian assets were transferred to the Russian authorities. In particular, the shares of the company Renault Russia, located on the territory of Moscow, became the property of the office of the mayor of the capital. The city council promptly renamed it the Moskvich plant and announced plans to adapt it for the assembly (along with KAMAZ) of Chinese cars bearing “Moscow” nameplates.
In addition, Renault’s stake in AVTOVAZ was transferred to the state institute NAMI on the condition that it could be bought back within six years.
– The net loss from the discontinuation of operations was 2.3 billion euros as a result of a non-cash adjustment related to the liquidation of industrial activities in Russia announced on May 16, 2022, the company said in a published report.
Recall that on May 16 of this year, all of Renault’s Russian assets were transferred to the Russian authorities. In particular, the shares of the company Renault Russia, located on the territory of Moscow, became the property of the office of the mayor of the capital. The city council promptly renamed it the Moskvich plant and announced plans to adapt it for the assembly (along with KAMAZ) of Chinese cars bearing “Moscow” nameplates.
In addition, Renault’s stake in AVTOVAZ was transferred to the state institute NAMI on the condition that it could be bought back within six years.
Source: Avto Vzglyad
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