October 12, 2022: -On Tuesday, it said that Nissan Motor Co Ltd would give more of its company in Russia to a state-owned commodity for 1 euro ($0.97), taking a loss of nearly $687 million and exiting the country months following was forced to halt display there.
It said the Japanese company would transfer its Nissan Manufacturing Russia LLC claims to state-owned NAMI. The deal will give Nissan the right to buy the business within six years, Russia’s industry and trade ministry said.
The deal makes Nissan the major player to exit Russia since Moscow sent tens of thousands of troops into Ukraine in February. It mirrors a move by Nissan’s chief shareholder, French automaker Renault, which sold its majority stake in Russian carmaker Avtovaz to a Russian investor in May.
The ministry said that the sale to NAMI will include Nissan’s production and research facilities in St Petersburg and its sales and marketing center in Moscow.
Nissan said it expected an unexpected loss of around 100 billion yen but maintains its earnings forecast for the fiscal year ending in March.
Due to supply chain disruptions, Nissan suspended production at its St. Petersberg plant in March. Since then, the company and its local unit have monitored the situation. However, there was “no visibility” of a change to the external environment, which promoted it to decide to exit.
The Nikkei newspaper told junior coalition associate Mitsubishi Motors Corp also exited Russia. A spokesperson for Mitsubishi noted nothing had been decided.
The exit is reaching as Nissan has embarked on a significant shift in its relationship with Renault. On Monday, the two said that they were in talks about the future of their alliance, including Nissan considering investing in the latest electric vehicle venture by Renault.
Those talks, which could have a considerable reset in the alliance since the 2018 arrest of long-time executive Carlos Ghosn, have even included the option of Renault, which arrives with some of its controlling stake in Nissan, two people with knowledge of the dialogues have told Reuters. Renault sold its stake in Avtovaz for one ruble ($0.02).
The Nissan deal was “of significant importance for the industry,” Russia’s Industry and Trade Minister Denis Manturov added.
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