Renault confirms sale of AvtoVAZ

The Renault Group has sold its stake in AvtoVAZ and its Renault Russia operations, on the back of Vladimir Putin’s invasion of Ukraine.

Its 67.69 per cent stake in AvtoVAZ (parent company for Lada) has been sold to the Russian Central Research and Development Automobile and Engine Institute (NAMI), and Renault Group shares in Renault Russia have been sold to the Moscow City entity.

The deal includes a clause allowing the Group to buy back into Russia at a number of points in the next six years.

“The closing of these transactions is not subject to any conditions, and all required approvals have been obtained,” the Renault Group said in a statement.

“Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45,000 employees…

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