PARIS (Reuters) -Renault on Wednesday said it would suspend operations at its plant in Moscow while it assesses options on its majority stake in Avtovaz, the country’s number one carmaker.
The French carmaker as a consequence revised its operating group margin to around 3% from at or above 4%.
Ukraine’s President Volodymyr Zelenskiy earlier accused Renault of financing the war and said Renault, among other French companies, must stop “financing the murder of children and women, of rape.”
Renault is the Western carmaker most exposed to Russia, where it generates 8% of its core earnings, according to Citibank, mainly through its 69% stake in Avtovaz, which is behind the Lada car brand.
(Reporting by Tassilo HummelEditing by Chris Reese)
