Mercedes-Benz Plans To Quit Russian Market, Divest Shares To Local Investor: Report

Mercedes-Benz Plans To Quit Russian Market, Divest Shares To Local Investor: Report
  • Mercedes-Benz Group ADR MBGYY has become the latest car maker to exit Russia.
  • The luxury car producer, Reuters reported, will pull out from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor.
  • However, the exit plan would not affect Mercedes' stake in Russian truck maker Kamaz, the report added.
  • The company's stake in Kamaz would be transferred to Daimler Truck in 2022 as planned.
  • Major automakers have been facing issues with the supply chain due to sanctions imposed on Russia because of its Ukraine invasion.
  • Japan's Toyota Motor Corp TM ended vehicle production in Russia in September due to difficulties in sourcing key materials.
  • Also ReadToyota Lowers FY23 Production Target As Chip Supply Woes Continue
  • Price Action: MBGYY shares closed higher by 1.84% at $14.69 on Tuesday.

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