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“Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45,000 employees in Russia, while preserving the Group's performance and our ability to return to the country in the future, in a different context. I am confident in the Renault Group's ability to further accelerate its transformation and exceed its mid-term targets,” said Luca de Meo, CEO of Renault Group.
Renault also confirmed that a non-cash writedown of EUR 2.195 million has been written in order to reflect the potential costs of suspending operations in the country. These include consolidated intangible assets, property, plant and equipment, and goodwill of the Group in Russia. Sobyanin added that Moscow is already working with truck maker Kamaz and Russia's Industry and Trade Ministry to localize as much vehicle component production in the country as possible. Production at the former Renault plant is expected to start later this year while the plant will reportedly be renamed “Moscow Automobile Factory Moskvich”.
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