The Russian trade minister was quoted as saying transfer of factory ‘under consideration’.
Japanese automaker Toyota’s plant in St. Petersburg may be handed over to the Russian state entity NAMI, Russian Industry and Commerce Minister Denis Manturov said, according to the state-run TASS news agency.
“The transfer of Toyota’s Russian assets to NAMI is under consideration,” Manturov said Friday on the sidelines of a business event.
NAMI, Russia’s Central Automobile and Engine Research and Development Institute, has already taken over factories from Renault and Nissan.
A spokesperson for Toyota said on Friday it was considering what to do with the plant, having already decided last year to halt vehicle production in Russia following the cessation of production in St. Petersburg last March following Ukraine’s invasion of Ukraine. Moscow.
“While we are considering various options, nothing has been decided at this time,” said the spokesperson.
Toyota said in September that it had decided to halt vehicle production in Russia due to the interruption in the supply of key materials and parts.
Japanese companies have been more active in cutting ties with Russia over the war in Ukraine than their Asian counterparts.
Fewer than 100 of the more than 1,100 companies that have pulled out of Russia or scaled back operations are from Asia, according to data from the Yale School of Management’s Chief Executive Leadership Institute (CELI).
