Renault Sees $321 Million Hit From Nissan's Russia Exit But Backs Guidance
October 11 2022 - 06:41AM
Dow Jones News
By Cristina Roca
Renault SA said Tuesday that it expects its earnings to take a
331 million-euro ($321.2 million) as its partner Nissan Motor Co.
pulls out of the Russian market, but that its 2022 guidance won't
be affected.
The hit will be reflected in the French car maker's second-half
net income.
Nissan said earlier Tuesday that it would book a loss of about
100.0 billion yen ($686.2 million) from the sale of its Russian
unit.
It first suspended production at its plant in St. Petersburg in
March due to supply-chain disruptions following Russia's invasion
of Ukraine. It said Tuesday that there were no signs of the
business environment changing.
Renault--which owns a controlling stake in Nissan--expects an
operating margin of more than 5% and automotive operational free
cashflow of more than EUR1.5 billion for 2022.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
October 11, 2022 06:26 ET (10:26 GMT)
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