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Renault Shuts Down in Russia and Weighs Quitting Venture

  • French automaker mulls options for Lada-making AvtoVaz unit
  • Company lowers 2022 financial outlook on Russia pullback
Bloomberg business news
Ukraine's Zelenskiy Urges French Firms to Ditch Russia
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Renault SA is preparing for an exit from Russia amid mounting pressure on the French automaker to stop doing business in the country over its invasion of Ukraine.

The company is halting operations at its Moscow plant, it said Wednesday, and is considering the future of a longstanding Russian venture called AvtoVaz. In response to the pullback from its second-biggest market, Renault revised downward its financial outlook for this year both for profit margin and free cash flow.