Web Desk — Japanese carmaker Mazda has announced its complete withdrawal from Russia as according to the company officials parts exports to its factory would end and production would cease when stocks will ran out. The company says it sees no path to restarting production in Russia.<\/p>\n\n\n\n
Mazda has been manufacturing cars for the Russian market in the eastern city of Vladivostok since 2012, selling around 30,000 cars in Russia in 2021.<\/p>\n\n\n\n
Mazda spokesman Akira Machida says the company has not yet made a decision about the future of its local employees.<\/p>\n\n\n\n
It is quite unfortunate to see a mass corporate exodus from Russia since the invasion of Ukraine in February.<\/p>\n\n\n\n
Moscow\u2019s invasion of Ukraine in February has prompted a mass corporate exodus from Russia, leaving behind assets worth billions of dollars.<\/p>\n\n\n\n
More than 750 companies have announced to curtail operations in Russia to some degree. Volkswagen and Nissan are among key automakers to have suspended production, fired workers, and halted imports.<\/p>\n\n\n\n
In May, Renault sold its majority stake in AvtoVAZ, Russia\u2019s biggest automaker and owner of the Lada brand.<\/p>\n\n\n\n
Toyota and Mazda, together, sold around 110,000 units a year in Russian market between them alone. As the European carmaker is also shutting down units, the situation turns into a golden opportunity mainly for Russian & Chinese automakers to grab the space left vacant by the Japanese and European companies.<\/p>\n\n\n\n
The sales of Lada have bounced back in style with an increase in market share in recent months (sold 75% more cars in August compared to July) along with Chinese companies that are now filling the void left by western and Japanese brands.<\/p>\n","protected":false},"excerpt":{"rendered":"
Web Desk — Japanese carmaker Mazda has announced its complete withdrawal from Russia as according to the company officials parts exports to its factory would end and production would cease when stocks will ran out. The company says it sees no path to restarting production in Russia. Mazda has been manufacturing cars for the Russian …<\/p>\n","protected":false},"author":1,"featured_media":3265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3264","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\n