French automaker Renault's financial results for the past year ended in a deficit for the first time in two years due to the loss associated with the complete withdrawal from the Russian business.
According to Renault's financial results announced on the 16th, last year's sales improved from the previous year to 46.3 billion euros, but the final profit and loss was 338 million euros, which is about 48.5 billion yen in Japanese yen. It became a deficit.
It is the first time in two years since the 2020 financial results that the final profit and loss will be in the red.
The main factor was the large loss associated with the complete withdrawal from the Russian business, including the sale of shares held in a Russian automobile manufacturer under the Group's umbrella, following Russia's invasion of Ukraine.
With the withdrawal from the Russian market, which accounted for about 20% of global sales, Renault's sales last year fell sharply from the previous year to 2.05 million units.
Renault plans to strengthen its EV business and improve earnings by receiving investment from Nissan Motor and American semiconductor manufacturers in a new EV = electric vehicle company.