By Walter Grand in Economy —

Renault sales fell by 30% after withdrawal from Russia - Reuters

Renault sales fell by 30% after withdrawal from Russia - Reuters
Photo by Breno Assis / Unsplash

Renault car sales fell 30% in the first half of 2022 after the closure of its Russian division. The French manufacturer used to place a big bet on the Russian market. Its departure from Russia has resulted in the loss of its second-largest sales market.

JPMorgan says 15 percent of Renault's revenues came from Russia. The company also lowered its revenue and production forecast, citing a shortage of semiconductors and the geopolitical crisis.