Not only Toyota, but many other automakers also have to suspended manufacturing operations or are planned to leave Russia.

Recently, Russia announced the nationalization of Toyota’s factory and assets in this country, officially ends the Japanese automaker’s presence in the Russian market.

The agreement includes the transfer of ownership of land and factory. This is where the Toyota Camry sedan model and RAV4 SUV model were built. The value of the transaction between the two parties was confidential.

Russia’s Central Scientific Research Institute for Automobiles and Automobile Engines (NAMI) has taken over Toyota’s Saint Petersburg plant, according to an announcement by Russia’s Ministry of Trade and Industry last week.

In a press release, Toyota said it has completed the procedures for transferring the plant to NAMI, which took effect from March 31^st.

In September 2022, Toyota Motor Corporation announced its decision to close its assembly plant in St. Petersburg. In mid-November, the plant began laying off employees, which by then was up to more than 1900 employees. This is due to the shortage of key components and materials, which is caused by the impact of the escalating conflict between Russia and Ukraine.

The Japanese automaker’s plant is designed to produce 100,000 vehicles per year. It was put into operation at the end of 2007 under a special investment contract with the Russian Ministry of Industry and Trade.

The models produced here are intended for the Russian market and also exported to Belarus, Kazakhstan as well as Armenia. Russia’s Ministry of Industry and Trade said they were working to resume production at the plant as soon as possible.

NAMI previously took over Renault and Nissan’s plants in Russia after these automakers left. Renault sold most of the company’s shares to Russia at a symbolic price of only 1 ruble, but with the option to buy it back for 6 years.

As for Nissan, the Japanese automaker received only 1 euro back and suffered a loss of 100 billion yen (equivalent to $687 million).

Source: autobikes.vn