Mercedes-Benz Set To Quit Russian Market Amid Ukraine War
Highlights
Mercedes-Benz is set to become the latest automaker to shut up shop from Russia, amid the Russia-Ukraine war. This makes them the fourth major carmaker to leave the country, following the French automaker Renault, and Japanese brands Nissan & Toyota. Nissan reportedly also took a $687 million loss this month in handing over its business in Russia to a state-owned entity for one euro, mirroring an earlier move by Renault which sold its majority stake in Russia's Avtovaz for one rouble.
The German carmaker said it will sell off its Russian industrial and financial services subsidiaries to a local investor. A Mercedes spokesperson said the company's stake in Russian truckmaker Kamaz however, would not be affected by the intended transaction and should be transferred to Daimler Truck this year as planned.
Mercedes-Benz suspended its manufacturing facility in Esipovo near Moscow in March 2022, following Russia’s invasion of Ukraine. The facility had around 1,000 employees, and was used to manufacture the E-Class. According to the Association of European Businesses (AEB), Mercedes-Benz sold 9,558 vehicles in Russia from January to September, a figure which saw a decline of 72.8 per cent from a year earlier.
- With inputs from Reuters
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