Frankfurt, Feb. 16, (dpa/GNA ) – French multinational car maker Renault posted a net loss of €700 million ($750 million) in 2022, citing its withdrawal from the Russian market as the reason.
Overall turnover was up by 11.4% to almost €26.4 billion, the company reported from its Boulogne-Billancourt headquarters on the outskirts of Paris on Thursday.
The hit to profits caused by the Russian invasion of Ukraine came after the company posted profits of almost €1 billion in 2021. Renault will nevertheless pay out a dividend of €0.25 per share.
The car maker plans to pursue its recovery path this year through higher profitability, with chief executive Luca de Meo aiming at an operating margin of at least 6% of turnover.
The margin on global sales last year came in at 5.6%, almost twice the figure posted in 2021, with the company excluding its abandoned Russian business from the figures.
GNA