Renault suspends Moscow plant operations, cuts 2022 outlook
Summary
- The French auto maker said it is currently assessing options for its stake in Russian manufacturing company Avtovaz
Renault SA said late Wednesday that it has suspended activities at its manufacturing plant in Moscow and cut its financial outlook for the year.
The French auto maker said it is currently assessing options for its stake in Russian manufacturing company Avtovaz, and expects to record an accounting charge in its first-half results related to the value of its Russian assets. This value amounted to 2.20 billion euros ($2.42 billion) as of Dec. 31.
Renault said it now targets an operating margin of around 3% for 2022, from a previous forecast of over 4%. It also expects a positive automotive operating free cash flow, which was previously forecast at more than EUR1 billion.
This story has been published from a wire agency feed without modifications to the text
