(Reuters) – French 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% from last year to just over one million vehicles (1,000,199 units). Excluding the activities of Avtovaz and Renault Russia, the number of units sold was down 12% 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% 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”.
(Reporting by Valentine Baldassari and Augustin Turpin; Editing by Sherry Jacob-Phillips)
