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Renault says talks on Russian operations are “continuing and progress has been made.” How much the French group’s revenues fell

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According to the quoted source, last month, Renault announced that it will suspend operations at its plant near Moscow as it evaluates the options for its majority stake in Avtovaz, Russia’s largest carmaker.

Also on Friday, Renault announced that it is evaluating all options for its electric vehicle business, including a possible initial public offering in the second half of 2023.

“At the moment, all the options are valid,” said Renault’s chief financial officer, Thierry Pieton, adding that any plan depends on the approval of Nissan’s alliance partner, informs Agerpres.

Thierry Pieton added that the Japanese partner is “kept up to date” on Renault’s plans for its electric vehicle assets.

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At the same time, Renault reported higher-than-expected revenue in the first quarter of this year, as higher prices and rising electric vehicle sales offset the impact of the war in Ukraine and the global semiconductor shortage.

The French group, which also produces the Dacia and Lada brands, reported that its revenues fell by 2.7% year-on-year to 9.748 billion euros in the first quarter, above analysts’ estimates of a quarterly revenue of 9.6 billion. Excluding the activities of Avtovaz and Renault Russia, the French group’s revenues fell by 1.1% year-on-year to 8.9 billion euros.

Renault’s decline in revenue in the first quarter came amid a 17% decline in the number of vehicles delivered by Renault in the first three months, to 552,000 units, the lowest number since the global financial crisis of 2009.

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On the other hand, sales of electric and hybrid vehicles increased by 13% and accounted for 36% of Renault sales. In addition, Renault said prices rose 5.6% in the first quarter as the carmaker sold more profitable cars.

The Dacia company was taken over by Renault in 1999 and relaunched in 2004 with the Logan model. Later, Dacia became a well-known player in the European car market.

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