Renault Halts Operations at Moscow Factory

French automobile giant- Renault Motors on Wednesday, announced that it has immediately suspended its operation in its factory situated in Russia’s capital, Moscow. The French carmaker took this decision in order to show solidarity with Ukraine. The company in its statement informed that it is considering "the possible options" for its Russian affiliate AvtoVAZ. It further added that it has reduced its financial outlook for this year. It said: "Renault Group has to revise its 2022 financial outlook with a Group operating margin of around 3 percent versus at least 4 percent previously." Renault took this important step as the Foreign minister of Ukraine requested to boycott the French carmaker as it earlier denied stopping its operations and sales in the Russian Market. Dmytro Kuleba, Ukraine’s Foreign Minister tweeted: "Renault refuses to pull out of Russia. I call on customers and businesses around the globe to boycott Group Renault." The company later said: “the group's activities in its manufacturing plant in Moscow are suspended as of today".