The Japanese automotive company Mazda Motors announced the cessation of its activities in Russia, the company transferred the full stake of Mazda Sollers Manufacturing Rus LLC to Sollers on October 24, according to the report on the financial performance of the manufacturer. Losses from such a decision will make $82 million, specified in the company.
“The company has decided to transfer its entire interest in Mazda Sollers Manufacturing Rus LLC to Sollers, our joint venture partner. On October 24, 2022, we signed a share transfer agreement,” the document says.
Mazda Sollers Rus is a joint venture between Sollers and Mazda Motor Corporation. Sollers also had a partnership with Ford. Among the company’s assets are production sites where ZMZ engines and domestic UAZ SUVs are assembled.
In October, Ford Motor Company withdrew from the joint venture with Sollers, and the company sold its 49% stake at par. Also in October, the automaker Nissan announced an agreement to transfer its Russian assets to the state.
Since February, car brands such as Renault, BMW, Porsche, Skoda and others have partially limited their activities or have left the Russian market. In November, Infiniti announced the cessation of supplies. In the resignation letter, the company cited Japanese wisdom on the importance of accepting any situation.
Author:
Natalia Gormaleva
Source: RB
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