Russia has a new national car

Forums › Transport (cars, bikes and boats) › Russia has a new national car - Renault-Nissan!

Batman

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#296045 17-May-2022 07:14

https://www.bbc.com/news/business-61463874

The French carmaker said it would sell its 68% interest to a Russian science institute, while its shares in Renault Russia will go to the city of Moscow.

Moscow said Renault's Russian assets had now become state property.

It is the first Russian nationalisation of a major foreign business since the invasion of Ukraine.

nakedmolerat

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#2914807 17-May-2022 07:23

Sold for One Rouble.

OldGeek

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#2915164 17-May-2022 15:29

Renault gave their ownership away. Nationalisation is when the Government confiscates privately-owned property.

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MikeB4

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#2915170 17-May-2022 15:41

OldGeek:

Renault gave their ownership away. Nationalisation is when the Government confiscates privately-owned property.

Not really. It simply means the transfer of a private business assets to government ownership/control.

Handsomedan

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#2915214 17-May-2022 16:09

I was under the impression that it was just the Russian based assets- i.e. the Lada factory etc.

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#2915221 17-May-2022 16:11

Handsomedan:
I was under the impression that it was just the Russian based assets- i.e. the Lada factory etc.

That’s my understanding. It would seem a way for Renault-Nissan to exit a hostile environment.

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#2915225 17-May-2022 16:18

Yes - from FT.com (Financial Times)

https://www.ft.com/content/515d978a-16c9-4af9-a8b8-4c5abdfd1ee7

Renault is selling its entire Russian operation including its stake in Lada-maker Avtovaz for 2 roubles, in one of the most significant retreats by a foreign company since the invasion of Ukraine.

The French group’s exit, which involves a €2.2bn writedown and the sale of its businesses in Russia to a state-backed group and to the City of Moscow, highlights the lack of options for businesses trying to leave the country without huge losses on their investments.

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