Nissan Motor Co Ltd, the Japanese automaker, will transfer its share in Nissan Manufacturing Russia LLC to state-owned NAMI for just 1 euro - a loss of around US$ 687 million. As per the local media, the company's partner Mitsubishi Motors is also considering its exit from Russia.
While Toyota had earlier spoken about leaving the country, Mazda Motor was in talks with its local partner Sollers to end its production.
Nissan's exit from the Russian market makes it a major global company to leave the country after the war broke out in February this year.
In May, the French automaker Renault, 43% shareholder in Nissan, had sold majority of its stake in state-owned automobile manufacturer Avtovaz to a Russian investor.
Russian industry and trade ministry said that Nissan will have the right, as part of the deal, to buy back the shares within six years. It also added, that the deal includes the sale of production and research facilities in St Petersburg and sales and marketing centers in Moscow.
As the production facilities remained suspended since March due to the disruptions in supply chain and seeing no improvement in the current situations, Nissan decided to exit Russia.
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