French carmaker Renault on Tuesday reported a plunge in its vehicle sales in the first half of 2022 after shutting down activities in Russia, its second-biggest market, in the wake of the invasion of Ukraine.
The group said its worldwide sales fell 29.7 per cent from last year to just over one million vehicles (1,000,199 units). Excluding the activities of Avtovaz and Renault Russia, the number of units sold was down 12 per cent year on year.
Renault, which makes popular models such as Dacia Duster and Renault Clio, shut down its activities in Russia amid the Ukraine conflict and said it would sell Renault Russia and a nearly 67.69 per cent stake in Avtovaz.
The company later said it would sell Avtovaz, Russia’s biggest carmaker and owner of the Lada brand, to a Russian science institute, reportedly for just one rouble with a six-year option to buy it back.
Apart from the impact of Russia exit, the French group cited a “context disrupted by the semiconductor crisis”. – Reuters
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