Renault seems to be negotiating a clever way out of its Russian morass. It would allow the French carmaker to offload its facilities in the country to a non-sanctioned local entity, with an option to buy them back in a few years’ time. In the short term the deal makes sense. In the longer term, it looks delusional.
A board with the logo of Renault is on display near a car showroom in Saint Petersburg, Russia March 24, 2022. REUTERS/REUTERS PHOTOGRAPHER/File Photoseems to be negotiating a clever way out of its Russian morass. It would allow the French carmaker to offload its facilities in the country to a non-sanctioned local entity, with an option to buy them back in a few years’ time. In the short term the deal makes sense. In the longer term, it looks delusional.
Renault would save cash. It is still paying the salaries of the 45,000 workers it employs in Russia, even though operations at its factories have been suspended due to a lack of components. Meanwhile, the French group would avoid incurring President Vladimir Putin’s wrath at companies from “hostile countries” rushing for the exit. It would also keep its options open if it wants one day to return to Russia, where it controls 30% of the car market.
The second delusion is that things will just “return to normal” once the war is over, and that business will just resume its normal course, as if nothing had happened.
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