Argentina's Productive Development Minister Daniel Scioli has been delivered an investment plan by automaker Renault with which the company intends to boost its presence in the country and help reactivate the economy.
Fast food giant McDonald's and French auto maker Renault are leaving Russia and its lucrative market because of an unpredictable operating environment. McDonald's has been in Russia since the collapse of the Soviet Union, and has hundreds of outlets and employs thousands, but it has joined many other Western companies exiting the Russian market because of the international sanctions following the invasion of Ukraine.
Carmaker Renault, partly owned by the French government, this week reopened its assembly plant in Russia, at a time when many international corporations are closing their businesses because of sanctions imposed on Moscow and public opinion pressure linked to the invasion of Ukraine.
French President Emmanuel Macron said on Thursday there was no need for the government to lower its stake in Renault and that he wanted the Renault-Nissan alliance to work on strengthening its synergies.
Fiat Chrysler said it has abandoned its US$35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker.
A merger between automotive giants Renault and Fiat-Chrysler could be announced any minute since talks are gaining momentum, sources within the industry hinted Sunday.
Renault has appointed a temporary deputy chief executive to take over the running of the French car firm following the arrest of Carlos Ghosn. Renault said its chief operating officer, Thierry Bolloré, would step up to the role because Mr. Ghosn was temporarily incapacitated.
Shares in French carmaker Renault plunged 20%, before recovering to close 10.3% lower, after police raids on the company's facilities. The firm confirmed the raids took place last week and said investigators wanted to check equipment at its factories.
French car maker Renault is considering the complete closure of factories because of the dire state of the European automobile market, the company's chief operating officer was quoted on Sunday.
French automaker Renault will invest 285 million dollars to expand its factory in Brazil and boost production as part of a sales offensive in Latin America's largest economy, Chief Executive Carlos Ghosn announced on Wednesday.