The Ministry of Industry and Trade of Russia announced that all the assets of the Japanese company Nissan in Russia were transferred to the Russian state. Nissan has announced that it will transfer its operations in Russia to its local partner and will withdraw from the Russian production market.
Japanese automotive giant Nissan is pulling out of Russia.
In the statement made by the Ministry of Industry and Trade of Russia, it was stated that an agreement was signed with Nissan on the transfer of all assets of the company in Russia to the Russian government.
According to the agreement, Nissan’s entire share in Russia will be owned by the Russian state institute NAMI, and Nissan has the right to take back the transferred assets within 6 years. Russian Industry and Trade Minister Denis Manturov stated that the Russian company Avtovaz will also be responsible for after-sales services for Nissan vehicles in Russia. Nissan decided to stop production on March 14 at its factory in Russia due to sanctions. In Russia, the assets of the Renault company were transferred to the Russian government before.
EXPLANATION FROM NISSAN
In a statement from the company, it was reported that the board of directors approved the sale to Russia’s Central Research and Development Automobile and Engine Institute (NAMI).
In the statement, the sale was made by Nissan’s St. It is stated that it covers the factory and R&D facilities in St. Petersburg and the sales and marketing center in Moscow. It was stated in the statement that Nissan’s withdrawal from Russia will have an “impact” of 100 billion yen ($680 million), and that employees in Russia will receive “employment protection” for one year.
“At the point where we were unable to continue operating in the market, we found the best possible solution to support our people,” said Nissan CEO Makoto Uchida. It is stated that the terms of the sale, which is expected to be completed within a few weeks, give Nissan the option to take back its operations in Russia within 6 years. The company stopped production in Russia in March after the start of the Russia-Ukraine War