According to the state-run TASS news agency, Denis Manturov, Russia’s Minister of Industry and Trade, Toyota’s Saint Petersburg factory may be transferred to the Russian state organization NAMI.
Related: 100 Chinese Automakers May Enter the Russian Market in 2023
“The transfer of Toyota’s Russian assets to NAMI is being considered,” Manturov was quoted as saying on the sidelines of a business event. NAMI, which is the Central Automotive and Engine Research and Development Institute of Russia, has already snapped up Nissan and Renault plants.
According to a Toyota spokesman, the Japanese manufacturer was still deciding what to do with the facility even though it had already made the decision to stop making cars in Russia last year after suspending production in St. Petersburg in March in response to Moscow’s invasion of Ukraine. The spokesman said:
“While it’s true that we’re considering various options, nothing has been decided at this point.”
Compared to their Asian counterparts, Japanese businesses have been more aggressive in cutting relations with Russia due to the conflict in Ukraine.
Source: Reuters
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