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

Author: Shivani Kumaresan | October 26, 2022 07:59am

Mercedes-Benz Group ADR (OTC: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 (NYSE:TM) ended vehicle production in Russia in September due to difficulties in sourcing key materials.
Also Read: Toyota Lowers FY23 Production Target As Chip Supply Woes Continue
Price Action: MBGYY shares closed higher by 1.84% at $14.69 on Tuesday.

Posted In: BMWYY F MBGYY TM TTM