Japanese auto producer Nissan has announced that it has sold its Russian operations to Russian automotive research institute NAMI, thereby exiting from the Russian market.
The sale covers Nissan’s manufacturing and R&D facilities in St. Petersburg, and its sales and marketing center in Moscow.
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 company suspended operations in Russia in March this year.
Meanwhile, in April this year, French automaker Renault sold its 68 percent stake in Russian automobile manufacturer Avtovaz to NAMI for one symbolic ruble, as SteelOrbis previously reported.