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Renault Moves Past Russia Loss With Improved 2022 Outlook

  • Carmaker raises margin forecast on better pricing, shares rise
  • Russia was Renault’s second-biggest market before pullout
Inside the L'Atelier Renault flagship store on the Champs Elysees in Paris.

Inside the L'Atelier Renault flagship store on the Champs Elysees in Paris.

Photographer: Benjamin Girette/Bloomberg
Updated on

Renault SA raised its outlook for the year as the struggling French automaker sought to draw a line under a costly withdrawal from Russia that led to a first-half loss.

The manufacturer expects group operating returns of more than 5%, up from a previous goal of 3% as new models and better pricing improve profitability, Renault said Friday. The worse-than-expected net loss of 1.36 billion euros ($1.4 billion) stemmed from a 2.2 billion-euro writedown on the value of its Russian operations.