Carmaker Renault’s sales slump by 30% after Russia exit

French carmaker Renault has reported a plunge in its vehicle sales in the first half of 2022 after shutting down activities in Russia, its second-biggest market.

The group said its worldwide sales fell 29.7 percent from last year to 1,000,199 units. Excluding the activities of Avtovaz and Renault Russia, the number of units sold was down 12 percent year-on-year.

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.