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French carmaker Renault to sell Russian operations to Moscow

yonkershonda.com / CC BY-SA 2.0

By The Associated Press

Russia will take control of French car manufacturer Renault’s operations in the country and resurrect a Soviet-era auto brand. The news Monday marks the first major nationalization of a foreign business since the war with Ukraine began. Renault says it would sell its majority stake in Avtovaz to a state-run research institute known as NAMI. Avtovaz is best known for its Lada brand. The Moscow city government is taking over a Renault factory in the city and wants to bring back the Moskvich brand. The new owners will have to grapple with a shortage of imported electronics for cars.

Associated Press

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