Japanese automakers Mazda and Isuzu are leaving Russia. In the spring of 2022, the work of concerns in the Russian Federation was suspended due to a large-scale Russian invasion of Ukraine.
Mazda Motor Corporation decided to stop its activities in Russia and transfer a stake in a joint venture in Vladivostok, which produced Mazda cars, to Sollers Auto PJSC, the group said in a statement, SIA reports.
The cost of the transaction is 1 symbolic euro. The Japanese automaker has the option to buy back the stake within three years.
Sollers confirmed to the media that he would buy Mazda’s stake in the joint venture in Vladivostok. The company plans to restart the plant on a new model line next year.
Previously, the Vladivostok plant assembled the CX-5, CX-9 and Mazda6 models.
Japanese truck and van maker Isuzu has also unveiled a plan to withdraw from Russia, Kyodo reports. According to the company’s forecasts, losses from the company’s activities in Russia by the end of 2023 will amount to billions of yen (millions of dollars), and the prospects for the restoration of the Isuzu plant in Russia have not been determined. Ulyanovsk.
The Isuzu plant in Ulyanovsk has been operating since 2012. In 2021, 3.7 thousand trucks rolled off the assembly line. But in March, after the beginning of a full-scale Russian invasion of Ukraine, the production of trucks and vans in Russia was suspended.
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