Europe

Withdrawal from Russia drives car maker Renault into red

Published

2 years ago

February 16, 2023

Cecilia Odey

French multinational car maker Renault posted a net loss of 700 million euros (750 million dollars) in 2022, citing its withdrawal from the Russian market as reason.

Overall turnover was up by 11.4 per cent to almost 26.4 billion euros, the company reported from its Boulogne-Billancourt headquarters on the outskirts of Paris on Thursday.

The hit to profits caused by the Russian invasion of Ukraine came after the company posted profits of almost 1 billion euros in 2021.

Renault would nevertheless pay out a dividend of 0.25 euros per share.

The car maker plans to pursue its recovery path this year through higher profitability, with chief executive Luca de Meo aiming at an operating margin of at least 6 per cent of turnover.

The margin on global sales last year came in at 5.6 per cent, almost twice the figure posted in 2021, with the company excluding its abandoned Russian business from the figures.

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Cecilia Odey

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