Toyota closes its Russia factory
Japanese automotive manufacturer Toyota has decided to close its factory in Russia. In the statement made by the Ministry of Industry and Trade of Russia, the company’s St. It was stated that the doors of the factory in St. Petersburg will be closed.
Camry and RAV4 models were produced in the factory, which has a production capacity of 100 thousand vehicles per year.
Toyota temporarily suspended production at its plant in Russia with the outbreak of the Russia-Ukraine war.
The ministry said that Toyota will ensure that all social obligations are fulfilled, as well as significant additional payments to personnel, maintain after-sales services for Toyota and Lexus cars, and maintain its dealer network.
Many factories in Russia suspended production and put workers on leave due to parts shortages and Western sanctions, after Moscow sent armed forces to Ukraine on February 24.
General Motors (GM), Daimler, BMW, Hyundai, Toyota, Volkswagen, Volvo, Porsche, Bentley had decided to stop sales of vehicles in Russia in the first days of the war in Ukraine.
Toyota’s French rival Renault, on the other hand, signed an agreement to transfer all its assets in Russia to the Russian government and the Moscow municipal government. Renault had decided to stop production at its factory in Russia due to sanctions.