Russia plans to take over Toyota's St. Petersburg plant, says TASS

Robert Besser
19 Mar 2023, 05:08 GMT+10

State run news agency TASS has reported that Toyota's St Petersburg plant may be transferred to Russia's Central Automobile and Engine Research and Development Institute.
In September, Toyota said that due to interrupted supplies of key materials and parts, it had decided to end its vehicle production in Russia.
Renault and Nissan plants in Russia have already been taken over by the state.

MOSCOW, Russia: State run news agency TASS has reported that Russia's Industry and Trade Minister Denis Manturov said that Japanese car maker Toyota's St Petersburg plant may be transferred to Russia's Central Automobile and Engine Research and Development Institute, NAMI.

"The transfer of Toyota's Russian assets to NAMI is being considered," Manturov said, on the sidelines of a business congress.

Renault and Nissan plants in Russia have already been taken over by NAMI.

This week, a spokesperson for Toyota said that after deciding last year to end production in St Petersburg last March, it was considering its options.

"While it is true that we are considering various options, nothing has been decided at this point," the spokesperson said.

In September, Toyota said that due to interrupted supplies of key materials and parts, it had decided to end its vehicle production in Russia.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Arizona Herald.

More Information

63 ℉

Partly Cloudy in Phoenix

Business

Section

Deloitte agrees to pay $31 mln fine to China after mistakes in audit

BEIJING, China: Following the inability of China Huarong Asset Management Co Ltd to release financial reporting obligations in 2020, China ...

UBS to buy Credit Suisse for fraction of its value, Swiss government to underwrite losses

ZURICH, Switzerland - Depositors will be fully protected, shareholders will have their equity dwarfed, while bond holders will be largely ...

SpaceX, Netflix, Boeing join largest US business mission to Vietnam

HANOI, Vietnam: SpaceX, Netflix and Boeing will join what is described as the "biggest-ever" U.S. business mission to meet in ...

After winning Apple contract, Foxconn to build factory in India

TAIPEI, Taiwan: Reuters reported that after winning an order to manufacture wireless AirPods earphones for Apple for the first time, ...

Blocking China's chip industry will raise costs, warns founder of TSMC

TAIPEI, Taiwan: The founder of chip manufacturer TSMC, Morris Chang, said that he supports the efforts of the US to ...

Russia plans to take over Toyota's St. Petersburg plant, says TASS

MOSCOW, Russia: State run news agency TASS has reported that Russia's Industry and Trade Minister Denis Manturov said that Japanese ...

Phoenix

Section