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WorldMercedes-Benz is the latest automaker to withdraw from the Russian market

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Mercedes-Benz is the latest automaker to withdraw from the Russian market

Mercedes-Benz has announced its intention to exit the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, making it the latest carmaker to do so.

Japan’s Nissan this month took a $687m loss in handing over its business in Russia to a state-owned entity for 1 euro, mirroring an earlier move by Renault, which sold its majority stake in Russia’s Avtovaz for 1 rouble.

Now shares in Mercedes’s local subsidiaries are expected to be sold to the car dealer chain Avtodom.

Mercedes stopped manufacturing in Russia in early March.

 

 

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