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Nissan faces $686m loss as the company exits Russian market

It is noted that earlier on Tuesday, Nissan’s Executive Committee approved the sale of its Russian operations to NAMI, the Central Research and Development Automobile and Engine Institute

TOKYO, October 11. /TASS/. Japanese automaker Nissan Motor will suffer losses of around 100 bln yen ($686 mln) as a result of exiting the Russian market, the company said in a press release on Tuesday.

"Nissan will take a one-off impact of approximately 100 billion yen from this exit. However, Nissan will maintain its full-year guidance. Details will be reported after further assessment as part of the regular disclosure during the second quarter results in November 2022," the statement said.

Earlier on Tuesday, Nissan’s Executive Committee approved the sale of its Russian operations to NAMI, the Central Research and Development Automobile and Engine Institute.

According to the company, "The sale will transfer all Nissan operations in Russia under the Nissan Manufacturing Russia LLC (NMGR) legal entity to NAMI for future passenger vehicle projects. This covers Nissan’s manufacturing and R&D facilities in St. Petersburg, and Sales & Marketing center in Moscow, which will operate under a new name."

"The sale is expected to be formalized in the coming weeks following approvals from the relevant authorities. The terms of the sale would allow Nissan the option to buy back the entity and its operations within the next six years," the statement said.

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