Published On May 17, 2022
Renault’s drive to leave Russia has sped up with its sale of a majority stake in automaker Avtovaz.
The French company announced Monday, May 16 it would sell to a Russian science institute. The Russian Central Research and Development Automobile and Energy Institute said it had all approvals needed for the buyout.
Renault holds a near-68-per-cent stake in Avtovaz and the deal gives the French carmaker a six-year buyback option. Chief Executive Luca de Meo said it gave Renault a chance to return to the country in future, in ‘a different context’.
It is the Western carmaker most exposed to the Russian market, with around 45,000 employees in Russia.