Japanese automaker Nissan says it is pulling out of Russia
Japanese automaker Nissan Motor Co. says it plans to sell its Russian operations to its local partner and end manufacturing there
TOKYO (AP) — Japanese automaker Nissan Motor Co. said Tuesday that it plans to sell its Russian operations to its local partner and withdraw from manufacturing there.
The company said its executive committee approved the sale to Russia’s Central Research and Development Automobile and Engine Institute, or NAMI. The sale includes Nissan’s factory and R&D facilities in St. Petersburg and its sales and marketing center in Moscow, it said. The company will operate under a new name.
Nissan did not give a dollar value for the sale but said it would log a 100 billion yen ($680 million) “impact" from its exit from Russia.
“While we cannot continue operating in the market, we have found the best possible solution to support our people," Nissan President and CEO Makoto Uchida said in a statement.
