Nissan confirms full exit from Russia and takes ‘one-off impact’ of £620m loss
Nissan has announced its full exit from Russia eight months after the invasion of Ukraine, taking a “one-off impact” of around £620m.
Signalling its “imminent” departure from the country, the Japanese car giant approved the sale of Nissan Manufacturing Russia’s operations to NAMI, the Central Research and Development Automobile and Engine Institute.
Nissan said it would take a “one-off impact of approximately 100 billion yen”, equating to roughly £620m
The firm said this includes its manufacturing and R&D facilities, as well as its sales and marketing centre.
Nissan made the announcement after suspending its operations in March in response to the invasion of Ukraine.
It said under the new owners all employees get 12 months employment protection, while Nissan also has a buy-back option within six years.
“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,” said Nissan President and CEO Makoto Uchida.