Russia plans to take over Toyota's St. Petersburg plant, says TASS

Robert Besser
19 Mar 2023, 05:08 GMT+10

State run news agency TASS has reported that Toyota's St Petersburg plant may be transferred to Russia's Central Automobile and Engine Research and Development Institute.
In September, Toyota said that due to interrupted supplies of key materials and parts, it had decided to end its vehicle production in Russia.
Renault and Nissan plants in Russia have already been taken over by the state.

MOSCOW, Russia: State run news agency TASS has reported that Russia's Industry and Trade Minister Denis Manturov said that Japanese car maker Toyota's St Petersburg plant may be transferred to Russia's Central Automobile and Engine Research and Development Institute, NAMI.

"The transfer of Toyota's Russian assets to NAMI is being considered," Manturov said, on the sidelines of a business congress.

Renault and Nissan plants in Russia have already been taken over by NAMI.

This week, a spokesperson for Toyota said that after deciding last year to end production in St Petersburg last March, it was considering its options.

"While it is true that we are considering various options, nothing has been decided at this point," the spokesperson said.

In September, Toyota said that due to interrupted supplies of key materials and parts, it had decided to end its vehicle production in Russia.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Colorado Star.

More Information

17 ℉

Fair in Aurora/Buckley Afb

International Business

Section

China economy remains slow as industrial profits down 4% in 2023

BEIJING, California: As the world's second-largest economy is still struggling to fully recover from the long-term effects of COVID-19, most ...

Closing of SVB Bank causes fall in deposits in small US banks

NEW YORK CITY, New York: Deposits at small U.S. banks throughout the country dropped the most since 2007 after the ...

Ford EVs will lose $3 billion pretax in 2023, says officials

DETROIT, Michigan: In a briefing for investors and analysts this week, Ford Motor Co. reported that while its electric vehicle ...

Tottering Virgin space business receives $200 million from investor

LONDON, England: Reuters has reported that struggling Virgin Orbit, owned by billionaire Richard Branson, is nearing a $200-million investment deal ...

U.S. says businesses receiving federal funds cannot work with China

WASHINGTON D.C.: The US Commerce Department has proposed new laws aimed at preventing China and other countries deemed of concern ...

Mexico to become EV production hub despite low local demand

MEXICO CITY, Mexico: Amid Tesla's plan to open a $5 billion Gigafactory in the country, Mexico will soon become an ...

US

Section