Toyota Motor to shut its plant in Russia By Reuters

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© Reuters. FILE PHOTO: Toyota’s emblem is seen at a Toyota Society Motors showroom in Karachi, Pakistan, July 27, 2022. REUTERS/Akhtar Soomro

MOSCOW (Reuters) -Japan’s Toyota Motor (NYSE:) Corp has determined to shut its plant in Russia, Russia’s Ministry of Trade and Commerce stated in a press release.

The automaker suspended manufacturing in St Petersburg in March as a consequence of provide chain disruptions and stopped automobile imports into Russia.

Toyota will make sure the fulfilment of all social obligations, in addition to vital extra pay-offs to the workers, the ministry stated, and can retain after-sales service of Toyota and Lexus automobiles and keep its vendor community.

Russia’s Kommersant newspaper first reported the plans, citing unnamed sources, earlier on Friday.

The manufacturing facility, which has a capability of 100,000 models a 12 months and produced the Camry and RAV4 fashions, can be preserved and could also be offered sooner or later, Kommersant’s sources stated.

The ministry and regional authorities are engaged on potential situations to develop the positioning, the ministry stated.

Toyota didn’t instantly reply to a request for remark.

Many factories in Russia have suspended manufacturing and furloughed employees as a consequence of shortages of high-tech gear and an exodus of Western producers after Moscow despatched armed forces into Ukraine on Feb. 24.

(reporting by Reuters; enhancing by Kevin Liffey, Jason Neely)

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