Renault Shares Fall Following Hit From Nissan's Russia Exit

By Maitane Sardon and Cristina Roca

Shares in Renault SA fell Tuesday after the company said its earnings would take a 331 million-euro ($321.2 million) hit from Nissan Motor Co.'s exit from the Russian market.

The French car maker said the hit will be reflected in its second-half net income but that its guidance for the full year remains unaltered.

At 1050 GMT, shares were down 4.5% at EUR30.03.

Earlier on Tuesday, Japan's Nissan--in which Renault owns a controlling stake--said it would book a loss of about 100.0 billion yen ($686.2 million) from the sale of its Russian unit.

Renault also said it expects an operating margin of more than 5% and automotive operational free cashflow of more than EUR1.5 billion for 2022.

Write to Maitane Sardon at maitane.sardon@wsj.com and Cristina Roca at cristina.roca@wsj.com

(END) Dow Jones Newswires

October 11, 2022 07:14 ET (11:14 GMT)

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