Toyota to droop Russian automobile manufacturing, automobile imports

TOKYO, March 2 (Reuters) – Toyota Motor Corp (7203.T) will halt manufacturing at its Russian manufacturing facility from Friday whereas automobile imports into the nation have additionally stopped indefinitely as a result of provide chain disruptions, the automaker mentioned.

Toyota joins different Japanese automakers which have taken or flagged comparable strikes, additionally citing problem in procuring components and different logistical hurdles.

Western firms have spurned Russia following its invasion of Ukraine, with some saying they might exit investments there, however the response of many Japanese companies has been extra muted thus far. learn extra

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“Like everybody around the globe, Toyota is watching the continuing developments in Ukraine with nice concern for the security of individuals of Ukraine and hopes for a secure return to peace as quickly as attainable,” Toyota mentioned in a press release.

Toyota is Russia’s high Japanese model, producing about 80,000 automobiles at its St. Petersburg plant which employs 2,000 workers.

Amongst different Japanese manufacturers, Mazda Motor Corp (7261.T), which offered 30,000 automobiles in Russia final yr, mentioned exports of components to its three way partnership plant in Vladivostok would finish quickly.

Mitsubishi Motor Corp (7211.T) might droop manufacturing and gross sales in Russia, it mentioned, citing potential provide chain disruptions because of sanctions on Russia. learn extra

Honda Motor Co (7267.T) mentioned problem in transport automobiles and making funds led it to droop exports of automobiles and bikes to Russia, though gross sales totalled simply 1,406 automobiles within the 2020 monetary yr.

Nissan Motor Co , which offered 53,000 automobiles in 2021, mentioned it was persevering with operations in Russia for now whereas monitoring the state of affairs there.

Autos and auto components made up greater than half of Japan’s exports to Russia in 2020, in accordance with the finance ministry.

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Reporting by Satoshi Sugiyama, Chang-Ran Kim, Maki Shiraki; Further reporting by Sakura Murakami, David Dolan and Nobuhiro Kubo; Enhancing by Kim Coghill and Elaine Hardcastle

Our Requirements: The Thomson Reuters Belief Ideas.

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