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Several automotive companies have taken action to limit, put on hold or exit business activities in Russia following a wave of sanctions imposed after Moscow’s invasion of Ukraine.
Below is a list of companies that have announced plans to exit Russia or to curb activities there:
Daimler Truck said it would freeze its business activities in Russia with immediate effect, including its co-operation with Russian truck maker Kamaz.
Its pre-spin-off parent company, Mercedes-Benz Group, is looking into legal options to divest its 15% stake in Kamaz as quickly as possible.
Sweden’s Volvo said it would suspend car shipments to the Russian market until further notice. Volvo sold about 9,000 cars in Russia in 2021, based on industry data.
General Motors (GM)
GM said it would suspend all vehicle exports to Russia until further notice. The Detroit company does not have plants in Russia, sells only about 3,000 vehicles annually there and has limited supply-chain exposure.
Japan’s Mitsubishi Motors said it may suspend production and the sale of its cars in Russia as economic sanctions could trigger supply chain disruptions.
French carmaker Renault will suspend some operations at its car assembly plants in Russia next week due to logistics bottlenecks.
Renault is among the Western companies most exposed to Russia, where it makes 8% of its core earnings, according to Citibank. It also controls Avtovaz, Russia’s biggest carmaker.
Harley-Davidson said it had suspended its business and shipments of its bikes to Russia.
Ford informed joint venture partner Sollers it is immediately suspending operations in Russia until further notice.
Jaguar Land Rover (JLR)/Aston Martin
British luxury carmakers JLR and Aston Martin paused vehicle shipments to Russia. Aston Martin said that Russia and Ukraine make up less than 1% of its global sales.
Germany’s BMW has halted the export of cars to Russia and said it would stop production there.
Honda Motor has suspended exports of cars and motorcycles to Russia.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.