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.