Toyota Sells Its Russian Plant
- Written by : Ashton G. Curran
- Date Published : 2023-04-04
- Date Updated : 2023-04-04
- Category / Tag : toyota
The sale price of the factory has not been disclosed, but it represented 6% of Russian production and employed about 2,600 people who produced 80,000 cars (Camrys and Rav4s) per year.
Western countries prohibited the export of spare parts to Russia, creating difficulties for the logistics branches of the automotive sector.
To work around this issue, the Russian government authorized the import of major car brands and spare parts without the permission of the intellectual property holders.
As a result, several car producers, including Audi, Nissan, Mazda, BMW, Mercedes, and Porsche, have ceased selling components or cars to Russia.
Renault, the most exposed manufacturer due to its 67% stake in the Russian car giant Avtovaz Lada, sold its shares to the NAMI institute, suffering a loss of 2.3 billion euros.
The French group still has a buyout option valid for six years.
Skoda, a subsidiary of the German Volkswagen group, also announced in mid-March 2023 that it was close to concluding an agreement to sell its two Russian factories.
The last international manufacturer still present in Russia is the Korean Hyundai-Kia, whose factory in Saint Petersburg has been closed for a year.