Mercedes-Benz Russia will sell shares in those industrial and financial services subsidiaries to Avtodom, a Russian chain of car dealerships, according to Reuters. As was previously planned, however, the automaker's shares in truckmaker Kamaz will still be transferred to Daimler Truck, which was recently carved off from the Group's passenger car business.
Mercedes' decision to sell off its other holdings in the country comes after it suspended production in early March, following Russia's invasion of Ukraine. The terms of this sale are unclear at this point, but Harald Wilhelm, the automaker's chief financial officer, said that the transaction would not give rise to any significant effects relating to the company's profitability or financial position, beyond those reported in previous quarters.
Ford also said it has completed its exit from Russia, announcing Wednesday that it has sold its 49% share in the Sollers Ford Joint Venture. The company's shares will be transferred to the joint venture for a nominal value, with Ford retaining the option to repurchase them within five years, "should the global situation change," the company stated.
The sale comes after Ford suspended all operations in Russia in March, including manufacturing, supply of parts and engineering support.
With many automakers, such as Nissan, Volkswagen, and Toyota shutting down or selling their businesses in Russia recently, it's expected that more will do the same soon. Some companies, though, have the clause to buy their stakes back in the contracts they signed with the buyers of their factories and subsidiaries.
