French carmaker Renault offered a dividend for the first time in four years and saw a strong increase in its operating margin despite swinging back to losses in 2022 as it took a hit from its pullout from Russia
Renault, which had returned to profit in 2021 after two years in the red and a historic loss in 2020, said its net income without the disposal of its former Russian unit Avtovaz, was up from 2021, and stood at 1.6 billion euros.to the Russian state for reportedly just one rouble last year, but with a six-year option to buy it back.
"Renault Group's fundamentals have been thoroughly cleaned up and there will be no turning back. 2023 financial outlook and the return of a dividend illustrate this," CEO Luca de Meo said in a statement.announced earlier this month, Renault, will cut its stake in Nissan to 15% from 43% now, in a reboot of their long and sometimes contentious alliance.
The lopsided relationship between the two car makers, which was deeply strained by the 2018 arrest of its architect and former chairman, Carlos Ghosn, amid financial scandal, had long been a source of friction among Nissan executives. The agreement, which came after months of tense talks, will also see Nissan buy a stake of up to 15% in Renault's electric vehicle unit Ampere.
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