RENAULT GROUP: Renault industrial activities in Russia are suspended
23 Março 2022 - 5:00PM
RENAULT GROUP: Renault industrial activities in Russia are
suspended
PRESS RELEASEMarch 23rd, 2022 |
Renault
industrial
activities in Russia
are suspended
Boulogne-Billancourt, March 23rd, 2022 – The
Board of Directors of Renault Group met today and approved the
following items:
- Renault Group activities in its
manufacturing plant in Moscow are suspended as of today.
- Regarding its stake in AVTOVAZ,
Renault Group is assessing the available options, taking into
account the current environment, while acting responsibly towards
its 45,000 employees in Russia.
Renault Group reminds that it already implements
the necessary measures to comply with international sanctions.
***
Consequently, Renault Group has to revise its
2022 financial outlook with:
- A Group operating
margin of around 3% (vs ≥ 4% previously);
- A positive
automotive operating free cash flow (vs ≥ €1Bn previously).
***
A non-cash adjustment charge amounting to the
accounting value of the consolidated intangible assets, property,
plant and equipment and goodwill should be recorded at the time of
the 2022 first half results. As of December 31, 2021, this value
amounted to 2,195 million euros.
***
Renault Group remains focused on
implementing its Renaulution strategic plan. The
Group will
pursue its commercial
policy focused on value,
strengthen its competitiveness,
and accelerate
its cost reduction program.
About Renault Group
Renault Group is at the forefront of a mobility that is
reinventing itself. Strengthened by its alliance with Nissan and
Mitsubishi Motors, and its unique expertise in electrification,
Renault Group comprises 5 complementary brands - Renault, Dacia,
LADA, Alpine and Mobilize - offering sustainable and innovative
mobility solutions to its customers. Established in more than 130
countries, the Group has sold 2.7 million vehicles in 2021. It
employs nearly 160,000 people who embody its Purpose every day, so
that mobility brings people closer. Ready to pursue challenges both
on the road and in competition, Renault Group is committed to an
ambitious transformation that will generate value. This is centred
on the development of new technologies and services, and a new
range of even more competitive, balanced and electrified vehicles.
In line with environmental challenges, the Group’s ambition is to
achieve carbon neutrality in Europe by 2040.
https://www.renaultgroup.com/en/
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