Mazda leaves the Russian market and sells the plant in Vladivostok for 1 euro
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The assembly of Mazda in Vladivostok was stopped in the spring and was not planned to be resumed in the near future. Now the Japanese auto giant has decided to abandon the venture for a nominal sum.
The world's leading automakers continue to sell their assets in Russia. Today, Mazda announced the decision to completely stop business in Russia. This was reported by the press service of the Japanese corporation.
The corresponding decision was made on October 24, but it was announced only now. Mazda Motor ceases all activities in the Russian market and withdraws from the Mazda Sollers Manufacturing Rus joint venture.
The corporation sold its share to former partners of Sollers Auto PJSC for a symbolic sum of 1 euro. The loss from leaving the Russian market will amount to $82 million, but this has not stopped Mazda.
“The transfer procedure will be completed shortly after the approval of the relevant authorities. The transfer agreement includes the right of Mazda to buy out its share in the joint venture by transfer price over the next three years,” the statement said.
The joint venture between Mazda and Sollers Auto has been producing cars in Vladivostok since 2012. Until recently, Mazda 6 sedans, as well as Mazda CX-5 and CX-9 crossovers were assembled there, but after the start of a full-scale invasion of Ukraine and the imposition of sanctions against the Russian Federation, the plant stopped.
Now Mazda has joined other global auto giants who left Russia. Nissan, Mercedes-Benz and Ford recently sold their business in the Russian Federation for a nominal sum, while Toyota closed the Russian enterprise and is preparing to move it to Kazakhstan.