Toyota Motor terminates production at its plant in Russia -Kommersant By Reuters
Stock Markets 16 minutes ago (Sep 23, 2022 07:01AM ET)
(C) Reuters. FILE PHOTO: Toyota’s logo is seen at a Toyota Society Motors showroom in Karachi, Pakistan, July 27, 2022. REUTERS/Akhtar Soomro
MOSCOW (Reuters) – Japan’s Toyota Motor (NYSE:TM) Corp has decided not to resume production at its plant in Russia as it has not been able to ensure the supply of components, the Kommersant newspaper reported on Friday, citing unnamed sources.
The automaker suspended production in St Petersburg in March due to supply chain disruptions and stopped vehicle imports into Russia.
The factory, which has a capacity of 100,000 units a year and produced the Camry and RAV4 models, will be preserved and may be sold in the future, Kommersant’s sources said.
Toyota has not decided to quit the Russian market completely but sees no prospect of resuming car production there, the sources said.
Toyota did not immediately respond to a request for comment.
Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment and an exodus of Western manufacturers after Moscow sent armed forces into Ukraine on Feb. 24.
(reporting by Reuters; editing by Kevin Liffey and Jason Neely)
Toyota Motor terminates production at its plant in Russia -Kommersant
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