The President of Renault commented on the departure of the company from the Russian Federation

As part of an interview with one of the Japanese TV channels, Jean-Dominique Senard, who holds the post of president of the French concern, called the decision to leave the Russian market one of the most difficult in his career. The head of the auto giant stressed that this is a forced measure dictated by modern realities. The company tried to the end to keep its assets in the Russian Federation, but for a number of reasons it had to take this step.

Details

Information about the possible sale of a stake in AvtoVAZ appeared back in March, but at that time the parties did not give any comments. According to representatives of the leadership of the French concern, a number of negotiations were held with the government of the country. Disposal of assets has always been a last resort and was discussed last.



Jean-Dominique Senard stressed that the sale of a stake in the Russian auto giant is a forced measure dictated by the prevailing realities. After a long analysis of the situation and consideration of all possible scenarios for the development of events, the management came to the conclusion that this decision would be optimal for today. It will save jobs for more than 45 people.

According to the head, the main reason for leaving the Russian Federation was uncertainty and the lack of clear prospects. No one can say when sanctions will be lifted, and downtime does not benefit the company and further aggravates an already difficult economic situation. At the same time, the top manager expressed confidence that Renault would return immediately after the situation stabilizes. Renault has made a big bet on the Russian market and has not yet abandoned its long-term plans.



As for the sale of assets, AvtoVAZ shares will be owned by two state-owned companies. The corresponding agreement was signed on May 16, 2022 during a meeting of representatives of both parties. After the completion of the necessary formalities, almost 68% of the shares will belong to FSUE NAMI, the rest will be transferred to Rostec State Corporation.

The press service of Russian companies has not yet commented on this, news should be expected in the near future. As for the development strategy and further work, a group will be created that will determine what to do in the current situation and which areas to give preference to. Most likely, assembly facilities will be involved in the production of other car models.