French carmaker Renault to sell Russian operations to Moscow
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.
