Renault first-half sales volume slumps 30% after Russia exit

Renault said sales fell in the first half of the year. Photograph: Lou Bnoist/AFP via Getty ImagesFrench carmaker Renault on Tuesday reported a plunge in its vehicle sales in the first half of 2022 after shutting down activities in Russia, its second-biggest market, in the wake of the invasion of Ukraine.

The group said its worldwide sales fell 29.7 per cent from last year to just over one million vehicles . Excluding the activities of Avtovaz and Renault Russia, the number of units sold was down 12 per cent year-on-year. Renault, which makes popular models such as Dacia Duster and Renault Clio, shut down its activities in Russia amid the Ukraine conflict and said it would sell Renault Russia and a nearly 67.69 per cent stake in Avtovaz.

In May, Renault said it would sell Avtovaz, Russia's biggest carmaker and owner of the Lada brand, to a Russian science institute, reportedly for just one rouble with a six-year option to buy it back. Apart from the impact of Russia exit, the French group cited a “context disrupted by the semiconductor crisis”. - Reuters

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