Russian car buyers are going to have one less Japanese car brand to choose from in the near future.
In a recent statement, Nissan announced its “imminent exit from the market,” and that the company has approved the sale of its Russian operations to the Central Research and Development Automobile and Engine Institute (NAMI). Reportedly, the company’s Russian business was sold for just a single Euro.
“The sale will transfer all Nissan operations in Russia under the Nissan Manufacturing Russia LLC (NMGR) legal entity to NAMI for future passenger vehicle projects,” Nissan’s statement reads. This news comes just a few weeks following Toyota announcing an end to its Russian manufacturing operations.
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“This covers Nissan’s manufacturing and R&D facilities in St. Petersburg, and Sales and Marketing center in Moscow, which will operate under a new name.”
Nissan says that it will take a ¥100 billion (around P40 billion) hit as a result of its exit from the Russian market and that more details regarding the move will be announced next month.
“On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years. While we cannot continue operating in the market, we have found the best possible solution to support our people,” Nissan CEO Makoto Uchida said.
If you recall, the car manufacturer suspended its operation in Russia back in March. Do you think this is the right move for the brand? Chime in.
