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The Renault Group confirms the sale of its shares in Renault Russia and Avtovaz

The Renault Group Board of Directors has unanimously approved the signing of agreements for the sale of 100% of the shares of the French consortium in Renault Russia to the city of Moscow and its 67.69% stake at Avtovaz to NAMI, the Central Institute for Research and Development of Automobiles and Motors.

The execution of these operations is not subject to any conditions and all the required authorizations have been obtained. The agreement provides for an option for Groupe Renault to repurchase its stake in Avtovaz, exercisable in certain periods over the next 6 years.

Declares Luca de Meo, CEO of the Renault Group.”Today we have made a difficult but necessary decision and we are making a responsible choice towards our 45,000 employees in Russia, preserving the performance of the Group and the possibility of returning to the country in the future, in a different context. I am confident in Groupe Renault’s ability to further accelerate its transformation and exceed its medium-term targets.”

Renault factory in Moscow.
Renault factory in Moscow.

As announced on March 23, a charge for non-cash adjustments corresponding to the value of the Group’s consolidated tangible assets, intangible assets and goodwill in Russia must be recorded in the results of the first half of 2022. As of December 31, 2021, this value amounted to 2,195 million euros. The Russian activities will be deconsolidated in the semi-annual accounts of the Renault Group as of June 30, 2022 and will be treated as discontinued operations in application of IFRS 5.

Groupe Renault confirms its financial perspectives announced on March 23, 2022.

Fulfilling its medium-term Renaulution objectives in advance, Groupe Renault will present, during a Capital Market Day in the fall of 2022, the update of its financial perspective and its strategy, positioning it as a competitive, technological and sustainable reference player

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