Stock Market News

Sollers in talks to buy Mazda out of Russian joint venture

2022.09.26 09:28

[ad_1]


© Reuters. FILE PHOTO: Employees work on the production line of the CX-5 model car at the Mazda Sollers Manufacturing Rus joint venture plant of Sollers and Japanese Mazda in Vladivostok, Russia September 10, 2018. Valery Sharifulin/TASS Host Photo Agency/Pool via R

MOSCOW (Reuters) – Russian automaker Sollers is in talks with Mazda Motor (OTC:) Corp about buying the Japanese company’s stake in their Russian joint venture, Sollers said on Monday, as Mazda prepares to wind down operations in Russia.

Mazda, which sold 30,000 cars in Russia last year, said in March that exports of parts to the venture’s Vladivostok plant were going to end and production would cease when stocks ran out. The newspaper on Saturday first reported the talks with Sollers.

Sollers said it was in talks with Mazda over stopping car production in Vladivostok and on buying out Mazda’s stake in the venture.

“At the same time, Sollers Auto has already developed a plan to relaunch the factory for production of other automobile brands and negotiations on this issue are currently being finalised,” Sollers said in a statement.

It did not give a timeframe for stopping production at the Vladivostok plant.

A Mazda spokesperson said the company was discussing ending vehicle production in Vladivostok, without giving details.

Mazda’s Japanese rival Toyota Motor (NYSE:) Corp said on Friday it had decided to end vehicle production in Russia due to the interruption in supplies of key materials and parts.

Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow sent armed forces into Ukraine on Feb. 24.

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 82,520.11 1.77%
ethereum
Ethereum (ETH) $ 1,921.62 0.41%
tether
Tether (USDT) $ 0.999956 0.02%
xrp
XRP (XRP) $ 2.29 2.26%
bnb
BNB (BNB) $ 629.77 0.47%
solana
Solana (SOL) $ 125.32 2.58%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.701771 2.41%
dogecoin
Dogecoin (DOGE) $ 0.168234 3.22%
tron
TRON (TRX) $ 0.236121 7.06%
staked-ether
Lido Staked Ether (STETH) $ 1,919.61 0.44%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,354.06 1.76%
leo-token
LEO Token (LEO) $ 9.77 0.27%
the-open-network
Toncoin (TON) $ 3.56 2.58%
chainlink
Chainlink (LINK) $ 13.78 2.02%
usds
USDS (USDS) $ 1.00 0.03%
stellar
Stellar (XLM) $ 0.272783 0.25%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,295.89 1.00%
hedera-hashgraph
Hedera (HBAR) $ 0.187278 2.05%
pi-network
Pi Network (PI) $ 1.13 15.76%
avalanche-2
Avalanche (AVAX) $ 18.86 0.27%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 3.32%
sui
Sui (SUI) $ 2.28 3.59%
mantra-dao
MANTRA (OM) $ 6.95 0.48%
polkadot
Polkadot (DOT) $ 4.47 1.94%
litecoin
Litecoin (LTC) $ 89.69 3.10%
bitcoin-cash
Bitcoin Cash (BCH) $ 336.23 0.09%
bitget-token
Bitget Token (BGB) $ 4.64 4.14%
ethena-usde
Ethena USDe (USDE) $ 0.999993 0.02%
weth
WETH (WETH) $ 1,922.31 0.47%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.06%
hyperliquid
Hyperliquid (HYPE) $ 13.90 4.46%
whitebit
WhiteBIT Coin (WBT) $ 28.14 1.15%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,038.21 0.60%
monero
Monero (XMR) $ 208.23 1.82%
uniswap
Uniswap (UNI) $ 6.33 0.41%
susds
sUSDS (SUSDS) $ 1.04 0.09%
aptos
Aptos (APT) $ 5.40 0.62%
dai
Dai (DAI) $ 0.999971 0.04%
okb
OKB (OKB) $ 51.99 2.85%
near
NEAR Protocol (NEAR) $ 2.57 2.78%
pepe
Pepe (PEPE) $ 0.000007 4.75%
internet-computer
Internet Computer (ICP) $ 5.82 2.08%
mantle
Mantle (MNT) $ 0.808762 0.88%
gatechain-token
Gate (GT) $ 21.90 0.20%
ethereum-classic
Ethereum Classic (ETC) $ 17.61 1.64%
ondo-finance
Ondo (ONDO) $ 0.835483 3.29%
tokenize-xchange
Tokenize Xchange (TKX) $ 32.89 2.23%
aave
Aave (AAVE) $ 169.15 3.40%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 82,525.11 1.78%