Posted on 10/12/2022 7:21:46 AM PDT by Twotone
Nissan announced on Tuesday that the company will sell all operations in Russia to an entity of the nation’s government.
As warfare between Ukraine and Russia escalates ahead of the winter months, the Japanese automaker announced that NAMI, a Russian government body dedicated to automotive industry development, is slated to acquire the firm’s business in the nation. Nissan, which will lose ¥100 billion, or $686 million, as the company is sold for €1, has the option to repurchase its operations within the next six years.
“On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years,” Nissan CEO Makoto Uchida remarked in a statement. “While we cannot continue operating in the market, we have found the best possible solution to support our people.”
Nissan does not expect an impact on its full-year earnings guidance as a result of the sale since the company did not assume any activity in the market over the course of the fiscal year.
More than 1,000 companies in the West have announced that they are decreasing operations within Russia beyond the extent required by international sanctions, according to an analysis from the Yale School of Management. Nike, Goldman Sachs, Apple, IBM, and McDonald’s are among the American companies that have pulled out of the nation.
The report comes as Russia and Ukraine appear to have increased hostilities. Some 83 missiles rained down on Ukrainian cities earlier this week, including several that struck the capital city of Kyiv, where at least eight people were killed and projectiles made impact blocks from President Volodymyr Zelensky’s office building. The coordinated blitz appeared to be retaliation for a recent bombing of the Kerch Bridge, which connects mainland Russia to Crimea.
(Excerpt) Read more at dailywire.com ...
It’ll be a long time before any foreign businesses open another manufacturing plant in Russia.
As Charlie Sheen would say “Winning!”
Sort of like Biden handing all that military equipment and ammo over to the Taliban.
While the USSR ceases to exist, Russian Communism lives three decades after the fall of the Soviets and the Putin Puffers love it.
The Russians will make decisions for that former Nissan division.
IN the U.S. the federal and some state governments, are making decisions for out automotive industry. Kinda like the same as in Russia, but, if things continue the way they’re going in the U.S., it won’t be too long before the auto industry is controlled totally by government.
Heck, the oil industry is virtually under the control of the federal government, and might have been on the way towards total destruction, were it not for the damage done to the transportation industry, whereby, the economy has gone into a slump and recession. The fossil-fuels industries might still become extinct, if liberals get their way.
I figured Nissan just sold cars in Russia, but they were manufacturing too>>>
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Getting back to Nissan, it started making cars at the St. Petersburg plant in 2009. Employees working there were responsible for assembling the X-Trail, Qashqai, and Murano SUVs. A manufacturing record was established in 2018 when 56,525 vehicles were produced, with over 350,000 units completed as of early 2019.
Signaling the automaker’s imminent exit, Nissan President and CEO Makoto Uchida declared: “On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years. While we cannot continue operating in the market, we have found the best possible solution to support our people.”
Really? The Chinese makers are fighting for Western auto plants in Russia.
Nissan are crap cars nowadays.
I’m surprised Russia took the deal...
That's a heck of a good deal Biden got Russia, and he didn't even get his 10%!
It would be very interesting to hear the Nissan top dogs explain this one euro exit after they have had some really good Sake!!!.
It would be very interesting to hear the Nissan top dogs explain this one euro exit after they have had some really good Sake!!!.
More than 1,000 companies in the West have announced that they are decreasing operations within Russia beyond the extent required by international sanctions, according to an analysis from the Yale School of Management.
Nike, Goldman Sachs, Apple, IBM, and McDonald’s are among the American companies that have pulled out of the nation.
The report comes as Russia and Ukraine appear to have increased hostilities. Some 83 missiles rained down on Ukrainian cities earlier this week, including several that struck the capital city of Kyiv, where at least eight people were killed and projectiles made impact blocks from President Volodymyr Zelensky’s office building.
The coordinated blitz appeared to be retaliation for a recent bombing of the Kerch Bridge, which connects mainland Russia to Crimea.
Can’t wait for the 2023 Lada-Nissan Rogue to come out.
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