Nissan Motor Co.
said Tuesday that it would exit the Russian market and book a loss of about 100.0 billion yen ($686.2 million) from the sale of its local unit.
The Japanese automaker said it would sell all shares of Nissan Manufacturing Russia LLC to Moscow-based Central Research and Development Automobile Engine Institute for 1 euro (97 cents).
Nissan suspended production at its plant in St. Petersburg in March due to supply-chain disruptions, following Russia’s invasion of Ukraine.
Nissan said it had been monitoring the situation closely since then, but there were no signs of the business environment changing.
Write to Kosaku Narioka at email@example.com