- nissan motor co ltd NSANIE Russia’s assets would become state property. The sale will transfer all Nissan operations in Russia under the legal entity Nissan Manufacturing Russia LLC (NMGR) to NAMI for future passenger car projects.
- That transfer covers Nissan’s manufacturing and R&D facilities in St. Petersburg and the sales and marketing center in Moscow, which will operate under a new name.
- Nissan will take a one-time effect of about 100 billion yen from this exit. Meanwhile, Nissan maintained its full-year guidance.
- also read: Renault and Nissan confirm discussion about the future of the alliance
- Nissan has an option to buy back its assets within six years.
- The company suspended its operations in Russia in March this year as a result of the Russian invasion of Ukraine.
- The invasion created logistical and resource sourcing difficulties as western nations imposed sanctions.
- “Although we cannot continue to operate in the market, we have found the best possible solution to support our employees,” said Makoto Uchida, Nissan President and CEO.
- See also: Nissan extends production stop at plant in St. Petersburg, Russia
- Price promotion: NSANY shares closed 0.16% lower at $6.35 on Monday.
- Photo via company
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