Russian state entity NAMI may take over the Toyota plant in St Petersburg
According to the state-run TASS news agency, the Russian Industry and Trade Minister Denis Manturov stated that Toyota’s Saint Petersburg plant may be transferred to the Russian state entity NAMI. This comes after the Japanese carmaker announced last year that it would end vehicle production in Russia due to the interruption in supplies of key materials and parts.
NAMI already acquired plants from Renault and Nissan
NAMI, which stands for Russia’s Central Automobile and Engine Research and Development Institute, has already acquired plants from Renault and Nissan.
Toyota is considering options regarding the Toyota plant
A spokesperson for Toyota said that the company is considering what to do regarding the plant, as nothing has been decided at this point. The decision to end vehicle production in Russia was made last year after suspending production in St Petersburg last March following Moscow’s invasion of Ukraine.
Japanese companies have been more active in cutting ties in Russia
Data from the Chief Executive Leadership Institute (CELI) at the Yale School of Management shows that fewer than 100 of the more than 1,100 companies that have withdrawn from Russia or scaled back operations are from Asia. Japanese companies have been more active in cutting ties with Russia over the war in Ukraine than their Asian peers.