Renault sells its stake in Moscow plant

Following pressure on it to follow other major western companies in withdrawing business from Russia following its invasion of Ukraine, French carmaker Renault has announced the company is to cede its 68% stake in the biggest Russian vehicle manufacturer, AvtoVAZ, but with an option to buy it back within six years.

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The Moscow city government is to take over a factory belonging to the French carmaker Renault and use it to revive the Soviet-era Moskvitch in Russia’s first major nationalisation of a foreign company during its war in Ukraine, reports The Guardian.