Mercedes has become the latest Western company to pull out of Russia, following the invasion of Ukraine in February. The German-based firm stopped manufacturing in and exporting to the country in early March. But now it says it will withdraw from the Russian market and sell shares in its subsidiaries to a local investor.
Japan’s Nissan left Russia earlier this month, following the same move from Toyota and Renault.
Nissan took a $700m (£600m) loss in handing over its business to a state-owned entity for a nominal fee, reportedly less than £1.
But Harald Wilhelm, chief financial officer of Mercedes, said its move out of Russia was not expected to have any serious new effect on the company’s profits.
The decision comes after many Western companies pulled out of Russia earlier in the year, including Starbucks, McDonald’s and Coca-Cola.
Other car firms, including Jaguar Land Rover, General Motors, Aston Martin and Rolls-Royce, all halted deliveries to the country in the early months of the war.
Credit: bbc.com
