Nissan exits Russia, takes $687m hit

TOKYO:

Nissan Motor Co Ltd will hand over its business in Russia to a state-owned entity for 1 euro ($0.97), it said on Tuesday, taking a loss of around $687 million and exiting the country months after it was forced to halt production there. The Japanese company will transfer its shares in Nissan Manufacturing Russia LLC to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years, Russia’s industry and trade ministry said. The deal makes Nissan the latest major company to exit Russia since Moscow sent tens of thousands of troops into Ukraine in February. 

Published in The Express Tribune, October 12^th, 2022.

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