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Nissan sells its Russian operations to focus on Renault’s EV business

Nissan said that it will transfer its Russian business to Russian state-owned NAMI for a nominal 1 euro, a move that will cost Nissan about 100 billion yen ($687 million), the only other international automaker since Renault that exited the Russian market at a high cost.


 

At the same time, it will also invest between $500 million and $750 million in Renault's electric vehicle business, but Nissan says it can meet its profit forecast for the fiscal year ending March 2023 and will also jointly develop and produce combustion and hybrid powertrains. In addition, Nissan has also set a plan to achieve 50% electrification by 2030. To achieve this goal, will spend 2 trillion yen (13.8 billion US dollars) in investment over 5 years.

 

Nissan's Russian operations for sale include an auto plant and research facility in St. Petersburg, as well as a sales and marketing center in Moscow. The Russian Ministry of Industry and Trade said Nissan would have the right to buy back the business within six years.


 

"Nissan Russia will hand over assets to the state, a deal of great significance for the Russian auto industry," Denis Manturov, Russia's Minister of Industry and Trade, said in a statement.

 

Supply chains were disrupted in March due to the escalation in Russia and Ukraine, Nissan's plant in St. Petersburg ceased production. Nissan and its Russian arm have been closely monitoring developments since then. But Nissan said the decision to withdraw from the Russian market had been driven by "no signs" of an improvement in the external environment.

 

Last year, Nissan sold 53,000 vehicles in Russia. Renault, which owns 43 percent of Nissan, estimates Nissan's decision to pull out of Russia will reduce its net profit by 331 million euros in the second half of 2022.


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