The boss of Renault declared the company’s “emergency” over after the French carmaker raised profit forecasts, despite the exit from its Russian business that pushed it to a loss for the first six months of the year.
Renault expects to make 5 per cent margins this year, compared with forecasts of 3 per cent. It will also produce about €1.5bn of free cash flow, raised from a forecast that it would be “positive”.
During the first half of the year, Renault posted a net loss of €1.7bn, because of a €2.2bn writedown of its Russian operations, which the company sold following Moscow’s invasion of Ukraine.
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