Automaker Mercedes-Benz has announced it is leaving the Russian market, selling its assets to a local investor.
A new global company will leave Russia. The Russian Ministry of Industry and Trade announced on Wednesday, October 26 that the German group Mercedes-Benz, renowned for its high-end cars, will sell its assets in the country to a local investor, the company Avtodom.
Information confirmed by the German company: “Mercedes-Benz will leave the Russian market”, she published in a press release.
Its managing director specified that the group had placed as one of its “main priorities” that jobs be maintained in the Russian subsidiaries.
The Russian Ministry of Industry and Trade added for its part that the new owner “will be able to attract other companies as partners to organize joint production” of future cars produced in the brand-new factory in Yessipovo, fifty kilometers from Moscow.
Since the start of the Russian offensive in Ukraine on February 24, many large Western companies and brands have left Russia, in the wake of economic sanctions taken against the Kremlin (LVMH, McDonald’s, Nike, Airbnb, Ikea, etc.). These large groups pointed to ethical reasons or difficulties in continuing their activities to explain their departures