Automakers fled Russia, so the country is reviving a 'legendary' Soviet-era car brand
Western businesses continue to flood out of Russia in the wake of Vladimir Putin's war on Ukraine.
The mass exodus includes French carmaker Renault, which closed a deal on Monday to sell all of its operations in Russia to the city of Moscow and a state-backed group. Russia plans to use Renault's Moscow plant to revive a Soviet-era car brand called Moskvich, the city's mayor, Sergei Sobyanin, said in a blog post.
The name Moskvich translates to "Moscovite."
Renault reportedly sold its Russian operations for pennies on the dollar — or, perhaps more precisely, rubles on the euro. Renault offloaded its businesses for 2 rubles, the Financial Times and Reuters reported. The automaker said it will take a 2.2 billion euro hit on the transaction.
https://www.msn.com/en-us/autos/news/automakers-fled-russia-so-the-country-is-reviving-a-legendary-soviet-era-car-brand/ar-AAXtP2o