Japanese car manufacturer Nissan has become the latest major multinational corporation to exit Russia, joining dozens of others in an exodus over Moscow's unprovoked invasion of Ukraine launched in late February.
Nissan said on October 11 that its executive committee had approved the sale of its factory and R&D facilities in St. Petersburg, and its sales and marketing center in Moscow, to Russia’s Central Research and Development Automobile and Engine Institute (NAMI).
“While we cannot continue operating in the market, we have found the best possible solution to support our people," Nissan President and CEO Makoto Uchida said in a statement, adding that his company did not give a dollar value for the sale but would log a 100 billion yen ($680 million) “impact" from its exit from the Russian market.
Nissan began making SUVs in St. Petersburg in 2009. It suspended manufacturing in Russia in March, weeks after Russia launched its full-scale aggression against Ukraine. The company said the terms of the sale give Nissan the option to buy back its Russian business within the next six years.
Last month, another Japanese carmaker, Toyota, announced its plan to quit the Russian market.
In May, French carmaker Renault said that it had decided to leave Russia on similar conditions. Renault said at the time it was selling its 100 percent stake in Renault Russia to the city of Moscow, while its 67.69 percent interest in AvtoVAZ would be sold to NAMI.