Mazda interest sold for one euro
Mazda joins the now quite long list of car manufacturers that has withdrawn from the Russian market. Mazda sells its share in joint venture partner Sollers for the symbolic amount of one euro.
Mazda has had a partnership with the Russian Sollers since 2012. The joint venture known as Mazda Sollers Manufacturing Rus currently produces the 6, CX-30, CX-5 and CX-9 in Russia, but Mazda is now pulling out of the partnership entirely, leaving the Russian market, Reuters reports.
Russian President Vladimir Putin was present at the founding of the joint venture in 2012.
The Japanese manufacturer has sold its 50 percent share in the partnership to Sollers for the symbolic amount of one euro. However, Mazda has included the condition in the sales agreement that it can buy back its share for the same amount within three years. Production of Mazda models at the Vladivostok-based and now wholly owned Soller plant is coming to an end.
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– Thanks for information from Autoweek.nl