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Toyota Motor to close its plant in Russia

MOSCOW (Reuters) -Japan's Toyota Motor (NYSE:TM) Corp has decided to close its plant in Russia, Russia's Ministry of Industry and Trade said in a statement. The automaker...
Toyota Motor to close its plant in Russia © Reuters. FILE PHOTO: Toyota's logo is seen at a Toyota Society Motors showroom in Karachi, Pakistan, July 27, 2022. REUTERS/Akhtar Soomro
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MOSCOW (Reuters) -Japan's Toyota Motor (NYSE:TM) Corp has decided to close its plant in Russia, Russia's Ministry of Industry and Trade said in a statement.

The automaker suspended production in St Petersburg in March due to supply chain disruptions and stopped vehicle imports into Russia.

Toyota will ensure the fulfilment of all social obligations, as well as significant additional pay-offs to the staff, the ministry said, and will retain after-sales service of Toyota and Lexus cars and maintain its dealer network.

Russia's Kommersant newspaper first reported the plans, citing unnamed sources, earlier on Friday.

The factory, which has a capacity of 100,000 units a year and produced the Camry and RAV4 models, will be preserved and may be sold in the future, Kommersant's sources said.

The ministry and regional authorities are working on possible scenarios to develop the site, the ministry said.

Toyota did not immediately respond to a request for comment.

Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment and an exodus of Western manufacturers after Moscow sent armed forces into Ukraine on Feb. 24.

(reporting by Reuters; editing by Kevin Liffey, Jason Neely)

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04-10-2022 14:13:51 (UTC+7)

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    EUR/USD 0.9881 ↑ Buy  
    GBP/USD 1.1388 ↑ Buy  
    USD/JPY 144.65 Sell  
    AUD/USD 0.6536 Sell  
    USD/CAD 1.3579 ↑ Sell  
    EUR/JPY 142.95 ↑ Buy  
    EUR/CHF 0.9772 ↑ Buy  
    Gold 1,717.45 ↑ Buy  
    Silver 21.010 Neutral  
    Copper 3.4828 ↑ Buy  
    Crude Oil WTI 84.34 ↑ Buy  
    Brent Oil 89.73 ↑ Buy  
    Natural Gas 6.484 Neutral  
    US Coffee C 215.55 ↑ Sell  
    Euro Stoxx 50 3,400.55 ↑ Buy  
    S&P 500 3,678.43 ↑ Sell  
    DAX 12,420.00 ↑ Buy  
    FTSE 100 6,992.24 ↑ Buy  
    Hang Seng 17,079.51 ↑ Buy  
    Small Cap 2000 1,709.05 Buy  
    IBEX 35 7,589.62 ↑ Buy  
    BASF 41.490 ↑ Buy  
    Bayer 48.66 ↑ Buy  
    Allianz 163.88 ↑ Buy  
    Adidas 121.64 ↑ Buy  
    Lufthansa 5.810 ↑ Buy  
    Siemens AG 102.80 ↑ Buy  
    Deutsche Bank AG 7.771 ↑ Buy  
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Cập nhật lúc 13:23:31 04/10/2022
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