Japanese automaker Nissan said Tuesday that it would sell its assets in Russia to a state-owned company, joining dozens of other global companies in exiting the country over its ongoing invasion of Ukraine.
Nissan will sell its local operations, including its manufacturing and research facilities in St. Petersburg and sales center in Moscow, to NAMI, Russia’s Central Research and Development Automobile and Engine Institute.
The company said the exit will result in a one-time loss of around ¥100 billion ($678 million), but its full-year guidance will remain unchanged.
Reuters reported that Nissan is selling its assets to NAMI for a €1 ($0.97) token fee. Under the terms of the agreement, Nissan will be able to buy back the business within the next six years….