Carmaker Renault has suffered less from the chip shortage and sanctions against Russia than analysts had expected. The French company’s turnover fell in the first three months of this year, but by less than 3 percent.
Renault is the most active of all major car manufacturers in Russia and also has a majority stake in Lada maker AvtoVAZ there.
Car sales fell by 17 percent worldwide in the first three months of this year, and even by 34 percent in Russia, it was announced earlier this week. Renault’s turnover from Russia fell by 16 percent to 900 million euros, less than a tenth of the worldwide turnover of the French carmaker, which amounted to 9.8 billion euros.
Renault indicated last month that the company wants to withdraw from Russia but has not yet given any details. It did, however, shut down a car factory in Moscow. The company also warned that it might have to write off 2.2 billion euros.
In addition to Russia, Renault also has to contend with high inflation, which means that the company has to spend more on materials and which causes consumers to postpone large purchases. Moreover, chip shortages still play a role in the automotive sector.
Financial director Thierry Piéton called this combination of problems “a serious disruption” of the market. Nevertheless, Renault still believes that chip shortages will result in 300,000 fewer cars being built this year.
