Mercedes-Benz becomes the latest Western company to leave of Russia, following the invasion of Ukraine in February.
The German-based firm quit manufacturing in and trading with the nation toward the beginning of Spring. But now, presently it says it will leave the Russian market and sell shares in its subsidiaries to a local investor. Japan’s Nissan left Russia earlier this month, following the same move from Renault and Toyota.
Nissan took a $700m (£600m) loss in handing over its business to a state-owned entity for a nominal fee, reportedly less than £1. But Harald Wilhelm, the chief financial officer of Mercedes, said its move out of Russia was not expected to have any serious new effect on the company’s profits.
The decision comes after many Western companies pulled out of Russia earlier in the year, including Starbucks, MacDonald’s, and Coca-Cola. Other car firms, including Jaguar Land Rover, General Motors, Aston Martin, and Rolls-Royce, all halted deliveries to the country in the early months of the war.
James Baggott, editor-in-chief of industry website Car Dealer Magazine, said Mercedes was in step with other companies when halting exports and suspending operations in Russia earlier in the year, but many other car makers then quickly withdrew from the country altogether.
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