Carmaker Nissan just sold its Russian business for less than $1 to a state-owned company, chalking up nearly $700 million in losses as it exits the country

Japanese carmaker Nissan is the latest international company to exit Russia.
Carmaker Nissan said it is exiting Russia and selling its operations to state-owned NAMI for under $1.
The deal gives Nissan the option to buy back the entity and its operations within the next six years.
The deal allows for the Russian operations to continue and preserves 2,000 jobs in the company.

Carmaker Nissan has sold its Russian business to a state-owned company for just 1 euro, or $0.97, the Japanese company said on Tuesday, joining a long list of international firms exiting the country.

The carmaker separately confirmed the sale price to Insider.

The Japanese automaker will transfer all its Russian operations to NAMI, the state-owned Central Research and Development Automobile and Engine Institute, it said in a press release. This includes its manufacturing and R&D facilities in St. Petersburg, as well as a sales and marketing center in Moscow.

Nissan expects to book a one-time loss of 100 billion…

Continue Reading →

This article was written by [email protected] (Huileng Tan) and originally published on www.businessinsider.com