Nissan to Fully Exit Russia Market, Expects ¥100 Billion Loss
- Carmaker plans to transfer manufacturing unit to state entity
- Alliance partner Renault made similar move months ago
A Nissan Leaf electric automobile charges at a vehicle charging point in Moscow, Russia.
Source: Bloomberg
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Nissan Motor Co. joined Toyota Motor Corp. in deciding to completely pull out of Russia, an exit that will cost Japan’s second-largest automaker roughly ¥100 billion ($687 million).
Shares of Nissan’s local manufacturing subsidiary will transfer to a state-run automobile research institute known as NAMI for one euro, the manufacturer said in a statement late Tuesday. The one-time loss is a forecast based on the current exchange rate and could change.