THE TRUSTED VOICE OF THE
NZ AUTO INDUSTRY FOR 40 YEARS

Marques join Russian exodus

Ford and Mercedes-Benz sell key stakes and assets as carmakers turn their back on Russia.
Posted on 02 November, 2022
Marques join Russian exodus

Ford and Mercedes-Benz have become the two latest carmakers to leave Russia amid the country’s ongoing invasion of Ukraine.

Marques such as Nissan, Renault and Toyota have already exited the Russian market, with Volkswagen reportedly also looking to cease doing business there.

Mercedes-Benz has agreed to sell its Russian assets – including its manufacturing plants – to local car dealer chain Avtodom, which will provide maintenance support for existing owners of vehicles from the German marque in Russia.

Mercedes-Benz previously suspended manufacturing and imports into Russia in March this year, just weeks after troops invaded Ukraine.

Ford has also announced it has sold its 49 per cent stake in the Sollers Ford joint venture, finalising the blue oval’s departure from Russia after suspending operations earlier this year.

Shares of the carmaker will be transferred to the venture for a nominal value of €1 (about NZ$1.70), a Ford spokesman says.

Nissan announced its exit from the Russian market this month after agreeing a similar deal by selling its local unit to state-owned automotive institute NAMI for €1. 

Renault also sold its majority stake in Russian carmaker Avtovaz to NAMI for a token sum in May. 

In September, Toyota revealed it was ending all vehicle production in Russia but will continue to provide repairs and maintenance support to its existing customers there.