Written by Cláudio Afonso | LinkedIn | X
French automaker Renault is considering reopening sales in Russia, CEO Luca de Meo told the Financial Times on Thursday.
Renault was among several car manufacturers, including Volkswagen, Mercedes-Benz, Toyota, and Hyundai, that withdrew from Russia following the country’s invasion of Ukraine in early 2022.
Last September, during a debate with Kamala Harris, U.S. President Donald Trump said the war was “dying to be settled, “adding he would “get it settled before I even become president.”
Meanwhile, Trump escalated his criticism of Ukraine and its leadership. In a post on his Truth Social platform on Thursday, Trump referred to Ukrainian President Volodymyr Zelensky as a “modest successful comedian” and a “dictator” who had caused the United States to spend “$350 billion” since Russia’s invasion in early 2022, or as Trump called it, the “War.”
Renault sold its Russian business and its nearly 68% stake for one ruble, with the option of returning within six years — until 2028. By then, the company was employing 45,000 people in the country.
At the time of the sale, Renault announced it would incur a €2.2 billion ($2.3 billion) financial loss in the first half of the year and slashed its 2022 financial forecast.
In the two following weeks since the invasion started, Renault’s stock fell over 30%. “Everybody was saying we were dead,” De Meo said before noting that the management is watching the developments closely.
“I’d rather focus on building the future than catching up on the past . . . but we’re business people. When we see a business opportunity, we’ll try to grasp it,” he stated
“Honestly, I haven’t thought about that kind of scenario because everything is moving so constantly . . . We have an option: let’s see how things go,” De Leo told the Financial Times.