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Renault, the biggest player in the Russian auto market, said on
Wednesday it stopped production at the plant and would assess
its options on its majority stake in Avtovaz, Russia's No. 1
carmaker following Russia's invasion of Ukraine.
The government's comments about the future of the factory come
after the Kremlin suggested it could nationalise assets of
foreign firms that left the country.
"The Ministry of Industry and Trade will discuss the prospects
of developing the Renault Russia factory with the Moscow
government. The joint solutions will be announced by the end of
next week," the ministry said.
The factory in Moscow owned by Renault produces the Renault
Duster, Kaptur, Arkana and Nissan Terrano models.
"The Ministry of Industry and Trade is in constant contact with
Avtovaz and Renault Group management," the ministry said in a
statement.
Renault was not immediately available for comment.
Avtovaz, which is controlled by Renault and produces the Lada
and Renault car brands, partially halted output at its plants in
Togliatti and Izhevsk this week due to shortages of electronic
parts.
The Russian industry ministry said that everything necessary was
being done to resume operations at Avtovaz's assembly lines,
including the creation of components stocks.
More than 400 companies have withdrawn from Russia since it
invaded Ukraine on Feb. 24, in what Moscow calls "a special
military operation", leaving behind assets worth billions of
dollars.
Renault and other Western companies including food companies
Nestle and Danone have faced criticism over their continued
presence in the country.
(Reporting by Reuters; editing by Jason Neely)
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