Renault Halts Russia Operations; Looks To Shed AutoVaz Stake

• Renault SA (OTC:RNLSY) has halted some of its Russian operations indefinitely, the Financial Times reported.
• The carmaker is also planning to step back from its investment in Lada maker AvtoVaz.
• Renault is assessing the available options regarding its stake in AvtoVaz, while acting responsibly towards its 45,000 employees in Russia.
• The report noted that the French group had been in the spotlight over its continued presence in Russia after the invasion of Ukraine and had faced calls for a boycott from Ukrainian politicians.
• Renault also revised its 2022 financial outlook, expecting an operating margin of around 3% versus ≥ 4% previously. It sees positive automotive operating free cash flow versus ≥ €1 billion previously.
• Price Action: RNLSY shares closed 3.86% lower at $4.98 on Wednesday.