Japanese automaker Toyota lost around $655 million due to the suspension of car production in Russia, according to the company’s financial report for the second quarter of 2022.
Despite restrictions in the Russian market, Toyota’s revenue increased by 14.4% compared to the same period last year.
In March, Toyota announced that it would suspend production on the territory of the Russian Federation, the plant in Shushary in the Leningrad region was idle. And in September, the company decided to close the assembly site, employees were promised compensation of 12 salaries.
The report finds that while the decline in activity in the Russian market cost the company $655 million, second-quarter revenue was $119.5 billion, up 14.4% from 2021.
According to the company’s chief accountant, Masahiro Yamamoto, losses due to a partial withdrawal from Russia are associated with the cost of laying off employees and depreciating assets.
Currently, the presence of the automaker in the country is limited to the provision of services and dealership services.
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