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) $ 84,605.67 3.59%
ethereum
Ethereum (ETH) $ 2,047.58 8.83%
xrp
XRP (XRP) $ 2.52 12.58%
tether
Tether (USDT) $ 1.00 0.02%
bnb
BNB (BNB) $ 614.39 2.76%
solana
Solana (SOL) $ 131.72 7.16%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.733124 6.73%
dogecoin
Dogecoin (DOGE) $ 0.171342 4.50%
tron
TRON (TRX) $ 0.229569 2.24%
staked-ether
Lido Staked Ether (STETH) $ 2,047.10 8.84%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,530.65 3.80%
chainlink
Chainlink (LINK) $ 14.48 6.59%
the-open-network
Toncoin (TON) $ 3.72 3.27%
leo-token
LEO Token (LEO) $ 9.80 0.73%
stellar
Stellar (XLM) $ 0.289938 8.97%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,447.76 8.61%
usds
USDS (USDS) $ 1.00 0.01%
avalanche-2
Avalanche (AVAX) $ 19.72 6.83%
hedera-hashgraph
Hedera (HBAR) $ 0.193042 5.19%
pi-network
Pi Network (PI) $ 1.15 0.54%
sui
Sui (SUI) $ 2.40 6.04%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 3.58%
litecoin
Litecoin (LTC) $ 91.51 3.62%
polkadot
Polkadot (DOT) $ 4.53 6.37%
bitcoin-cash
Bitcoin Cash (BCH) $ 339.82 2.74%
mantra-dao
MANTRA (OM) $ 6.77 1.60%
weth
WETH (WETH) $ 2,047.33 8.72%
bitget-token
Bitget Token (BGB) $ 4.71 3.29%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.07%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.08%
hyperliquid
Hyperliquid (HYPE) $ 14.73 11.35%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,171.86 8.52%
uniswap
Uniswap (UNI) $ 6.95 13.20%
whitebit
WhiteBIT Coin (WBT) $ 28.34 0.81%
monero
Monero (XMR) $ 205.29 0.32%
susds
sUSDS (SUSDS) $ 1.04 0.18%
aptos
Aptos (APT) $ 5.56 5.21%
near
NEAR Protocol (NEAR) $ 2.79 9.98%
dai
Dai (DAI) $ 0.999924 0.01%
okb
OKB (OKB) $ 52.36 4.11%
pepe
Pepe (PEPE) $ 0.000007 8.77%
internet-computer
Internet Computer (ICP) $ 5.92 5.36%
gatechain-token
Gate (GT) $ 22.81 5.37%
ethereum-classic
Ethereum Classic (ETC) $ 18.34 6.10%
tokenize-xchange
Tokenize Xchange (TKX) $ 34.40 4.74%
mantle
Mantle (MNT) $ 0.815505 1.00%
aave
Aave (AAVE) $ 180.83 8.83%
ondo-finance
Ondo (ONDO) $ 0.857777 5.60%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,660.68 3.74%