Nissan has announced its exit from Russia, pending the sale of its business there to the state Central Research and Development Automobile and Engine Institute.
The move, expected to incur a loss of ¥100 billion (£620 million), covers all of the brand’s Russian interests. This includes the St Petersburg manufacturing and R&D facilities, plus its Moscow sales and marketing headquarters.
The sale is for €1 (£0.88), reported Reuters. Alliance partner Renault is said to have sold its stake in Russian brand Avtovaz for one rouble (£0.01) in May.
Terms of the Nissan sale include a six-year buy-back option, plus 12 months of guaranteed employment for all Russian staff.
The Renault Group – part-owned by the French state – also has a buy-back option for its former 67.69% stake in Avtovaz. Group CEO Luca de Meo said in May: “Today, we have taken a difficult but necessary decision; and we are making a responsible choice towards our 45,000 employees in Russia while preserving the group's performance and our ability to return to the country in the future, in a different context.”
The news follows Japanese rival Toyota’s recent announcement that it was permanently closing its St Petersburg factory, seeing “no way” to restart production following a six-month suspension triggered by Russia’s invasion of Ukraine.
Nonetheless, Toyota retained control of aftersales services for its Russian customers and those of subsidiary Lexus.
Numerous other marques have taken action in response to the war in Ukraine: Volkswagen announced that it would close its Nizhny Novgorod factory in July, while Aston Martin, BMW, Ford, General Motors, Honda and Jaguar Land Rover have all halted sales in the country.
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