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Japanese car makers say Russia production plans unchanged amid weakening ruble

December 19, 2014, 10:19 UTC+3 TOKYO
Mazda Motor Co. said the company’s business in Russia is mainly conducted in rubles, and in view of this the influence of currency fluctuations will be minor
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© ITAR-TASS/Yury Smityuk

TOKYO, December 19. /TASS/. Japanese auto giants, Toyota Motor Corporation, Mitsubishi Motors Corporation and Mazda Motor Co., believe that the short-term ruble depreciation is unlikely to have an immediate effect on their business in Russia.

“Toyota’s production abroad has deep roots in the local soil and is based on the local infrastructure, and we usually do not immediately change our volume of output and prices amid currency fluctuations,” Toyota spokesman Naoki Sumino told TASS.

“We make decisions based not on currency exchange rates, but on the market demands. Toyota has its annual plan, and we will not immediately change it due to the short-term ruble depreciation,” he said.

Mitsubishi Motors Corporation confirmed that plans for production in Russia have been unchanged. “We have no specific changes in the production volume in Russia and the prices due to currency fluctuations,” a spokesman said.

“But we will be monitoring the situation related to the ruble’s sharp fall,” he added.

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Mazda Motor Co. said the company’s business in Russia “is mainly conducted in rubles, and in view of this the influence of currency fluctuations will be minor.” “However, we will respond to the further development of the situation in a proper way by following the market tendencies and changes in currency exchange rates,” a spokesman said.

Japanese car giant Nissan has refused to comment, saying that the company’s branches in Russian regions have better knowledge of the situation. Earlier this week, media reports said Nissan hikes the prices on a number of models on sale in Russia, including Nissan Almera, Juke, Qashqai, Patrol and GT-R.

The ruble hit lows of 100 against euro and 80 to dollar earlier this week, but strengthened to 58.99 per dollar and 72.5 per euro in the afternoon trading on Thursday.

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