(Reuters) – The French car company Renault (EPA:RENA) said on Tuesday that its sales of cars dropped in the first half of 2022. This is because it stopped doing business in Russia, its second-biggest market, after Russia invaded Ukraine.
The group said that its sales dropped 29.7% from last year, to just over a million cars (1,000,199 units). When Avtovaz and Renault Russia are excluded, the number of units sold is 12% lower than at the same time last year.
Renault makes popular cars like the Dacia Duster and the Renault Clio. Because of the conflict in Ukraine, Renault stopped doing business in Russia and said it would sell Renault Russia and nearly 67.69% of Avtovaz.
In May, Renault said it would sell Avtovaz, Russia’s biggest car company and the owner of the Lada brand, to a Russian science institute, reportedly for just one rouble with a six-year option to buy it back.
Aside from the effects of Russia’s leaving, the French group said that the “semiconductor crisis” had also changed the situation.
