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The Nissan logo shines on the new all-electric Aria crossover prototype. The Nissan P Proto performance car is reflected in the vehicle’s grille, with the redesigned Nissan Pathfinder SUV sitting in the background.
Michael Weiland/CNBC
Nissan Motor Company Limited It is handing over its business in Russia to a state-owned entity for 1 euro ($0.97), it said on Tuesday, leaving the country months after taking losses of around $687 million and being forced to halt production there.
The Japanese company said it will transfer its stake in Nissan Manufacturing Russia LLC to state-owned NAMI. The deal gives Nissan the right to buy back the business within six years, according to the Russian Industry and Trade Ministry.
The deal makes Nissan the latest major company to pull out of Russia after Moscow sent tens of thousands of troops to Ukraine in February. It also shows the activity of the French automaker, Nissan’s largest shareholder RenaultIn May, he sold his majority stake in the Russian car manufacturer to a Russian investor.
Nissan’s manufacturing and research facilities in St. Petersburg, as well as its sales and marketing center in Moscow, will be sold to NMI, the ministry said.
Nissan said it expected an extraordinary loss of about $100 billion ($687 million) but maintained its earnings forecast for the financial year ending in March.
Nissan suspended production at its St. Petersburg plant in March due to supply chain disruptions. Since then, the company and the local department have been monitoring the situation, he said. But the change in the external environment said “there is no visibility”, Nissan decided to leave.
Junior Union Partner Mitsubishi Motors Corporation He is also considering leaving Russia, according to the Nikkei newspaper. A Mitsubishi spokesman said nothing has been decided.
The exit comes as Nissan embarks on a major overhaul of its relationship with Renault. The two said on Monday that they are discussing the future of their alliance, which includes Nissan, with a view to investing in Renault’s new electric vehicle venture.
In the year The talks, which promote the biggest reshuffle at the alliance since the arrest of longtime chief executive Carlos Ghosn in 2018, include the possibility of Renault selling a controlling stake in Nissan, two people familiar with the talks told Reuters. .
Renault reportedly sold its stake in Atovaz for one ruble ($0.02).
The Nissan deal was “of great importance to the industry,” Russian Industry and Trade Minister Denis Manturov said in a statement.
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