Renault sales slump after Russia exit

STORY: Renault had a bigger presence in Russia than any other western carmaker.

Now it’s feeling the effects of shutting down all production there.

On Tuesday (July 12) the French firm said its car sales slumped by almost 30% in the first half.

Russia had been its second biggest market before the war.

That includes group brands such as Dacia.

Earlier in the year the company said it would shut down in the country, and sell Renault Russia and its stake in local carmaker Avotvaz.

It has retained a six-year option to buy back the Russian firm.

Renault can’t blame all its troubles on Russia though.

Sales were down 12% even stripping out the events there.

The company pointed to the global shortage of computer chips as one problem.

However, it said the outlook for semiconductor supplies should improve in the second half.

That echoed similar comments from bigger rival Volkswagen.

Renault shares were down around 2% by early afternoon on Tuesday.

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