Renault shuts Moscow plant amid boycott threat, but Russians may reopen it
Ukrainian President Zelenskyy criticized French automaker
FOX Business Flash top headlines for March 24
Here are your FOX Business Flash top headlines for March 24.
Renault has suspended production at its Moscow area factory, but it could be up and running again soon.
Renault's Moscow factory builds several of the French brand's models for local sale. (Andrey Rudakov/Bloomberg via Getty Images)
Ukrainian President Volodymyr Zelenskyy and foreign minister Dmytro Kuleba had called for a global boycott of the automaker prior to the announcement.
The French brand owns 69% of Russia's Avtovaz, which operates two factories in the country that were idled earlier this month due to supply chain issues.
The Renault Captur SUV is one of the vehicles built at the Moscow plant. (Andrey Rudakov/Bloomberg via Getty Images)
Russian officials have previously threatened to nationalize the factories of foreign automakers who shut down their operations, and Avtovaz said it is working to restart production using locally sourced parts.
Russian Prime Minister Vladimir Putin owns a Lada Niva SUV. (ALEXEY NIKOLSKY/RIA NOVOSTI/AFP via Getty Images)
"Active work is underway to substitute some critical imported components with alternative solutions," Avtovaz said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RNLSY | RENAULT SA | 9.8875 | +0.49 | +5.20% |
Avtovaz said that special versions of its top-selling Lada models would be available later this year.
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Renault told Reuters it is reassessing its investment in Avtovaz.