Renault's CEO said the company does not rule out a return to Russia, as US President Donald Trump insists on a peace deal as soon as possible to end the war in Ukraine.
This was reported by the Financial Times, UNNwrote.
Details
Renault was one of the largest international automakers with a business in Russia before the aggressor country's full-scale invasion of Ukraine. In particular, the company owned a controlling stake in AvtoVAZ, the manufacturer of Lada cars.
The company sold its Russian business and almost 68% stake in AvtoVAZ for RUB 2 in May 2022, which amounted to a €2.2 billion write-down for the automaker. However, it retained the option to buy back its stake in AvtoVAZ within six years.
When asked about returning to Russia, Renault CEO Luca de Meo answered:
I would prefer to focus on building the future rather than catching up... but we are business people. When we see a business opportunity, we try to take advantage of it. To be honest, I haven't thought about this scenario because everything is moving so fast... We have an option: let's see how it goes
De Meo also said that the company has other priorities besides returning to Russia, including accelerating the launch of electric and hybrid vehicles to meet future EU emissions targets.
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