LONDON – Renault CEO Luca de Meo said the automaker will decide in the coming weeks on the future of its operations in Russia, where it suspended operations in March following the invasion of Ukraine.
"Negotiations are still ongoing," CEO Luca de Meo said at the FT Future of the Car 2022 conference on Monday, adding that leaving Russia entirely involves writing down the value of its assets. "But we also know that we've been working for 10 years investing a lot of money there so we are also here to protect our assets and what we've done."
In late April, Russia said Renault would transfer its 68 percent stake in Russia's biggest carmaker AvtoVAZ, which makes the Lada brand, to an auto research institute for one symbolic ruble. Renault has not commented on that report.
The remaining 32 percent of Avtovaz is held by Russian defense conglomerate Rostec.