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    RNO   FR0000131906

RENAULT

(RNO)
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Real-time Euronext Paris  -  11:39:35 2023-02-07 am EST
40.82 EUR   +4.35%
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Russian carmaker Moskvich agrees first major supply deal with taxi firm

11/30/2022 | 06:24am EST
FILE PHOTO: Russia relaunches production of Soviet-era Moskvich in Moscow

MOSCOW (Reuters) - Days after relaunching car production under the Soviet-era Moskvich brand, the government-owned automaker has agreed to supply Russian taxi firm Citymobil with 2,000 cars next year, in what would be the first major deal for the revived car.

The Moskvich is produced at a plant taken over from French carmaker Renault, with a new, modern Chinese design that barely resembles its Soviet-era classic version.

People and People, the company that runs Citymobil, said on Wednesday that a tentative agreement had been reached for purchasing petrol petrol cars from Moskvich.

Financial details of the deal were not disclosed.

With just 600 vehicles slated for production this year, the Moskvich is unlikely to change the gloomy outlook for Russia's wider car industry, where annual sales this year could crash below 1 million for the first time in the country's modern history.

The government ultimately aims to produce 100,000 Moskvich vehicles a year, some of which will be electric.

The new Moskvich 3 is thought to be identical to the Sehol X4 compact crossover made by Chinese automaker JAC Motors, and will be assembled in Russia using parts imported from China.

(Reporting by Reuters. Editing by Jane Merriman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
RENAULT 4.35% 40.82 Real-time Quote.25.08%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.88% 72.11 Delayed Quote.-1.98%
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Financials
Sales 2022 45 333 M 48 485 M 48 485 M
Net income 2022 -501 M -535 M -535 M
Net cash 2022 946 M 1 011 M 1 011 M
P/E ratio 2022 -24,5x
Yield 2022 0,51%
Capitalization 10 886 M 11 642 M 11 642 M
EV / Sales 2022 0,22x
EV / Sales 2023 0,18x
Nbr of Employees 160 000
Free-Float 63,7%
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 40,82 €
Average target price 45,69 €
Spread / Average Target 11,9%
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Managers and Directors
Luca de Meo Chief Executive Officer
Thierry Pieton Chief Financial Officer & Senior Vice President
Jean-Dominique Senard Chairman
Luc Julia Chief Scientific Officer
FrÚdÚric Vincent Chief Information Officer
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