Russia plans to take over Toyota's St. Petersburg plant, says TASS

Robert Besser
19 Mar 2023, 05:08 GMT+10

State run news agency TASS has reported that Toyota's St Petersburg plant may be transferred to Russia's Central Automobile and Engine Research and Development Institute.
In September, Toyota said that due to interrupted supplies of key materials and parts, it had decided to end its vehicle production in Russia.
Renault and Nissan plants in Russia have already been taken over by the state.

MOSCOW, Russia: State run news agency TASS has reported that Russia's Industry and Trade Minister Denis Manturov said that Japanese car maker Toyota's St Petersburg plant may be transferred to Russia's Central Automobile and Engine Research and Development Institute, NAMI.

"The transfer of Toyota's Russian assets to NAMI is being considered," Manturov said, on the sidelines of a business congress.

Renault and Nissan plants in Russia have already been taken over by NAMI.

This week, a spokesperson for Toyota said that after deciding last year to end production in St Petersburg last March, it was considering its options.

"While it is true that we are considering various options, nothing has been decided at this point," the spokesperson said.

In September, Toyota said that due to interrupted supplies of key materials and parts, it had decided to end its vehicle production in Russia.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Travel Trade.

More Information

27 ℃

Partly Cloudy in Seletar

Business

Section

Experts decry New Zealand government move to lift tobacco ban

LONDON - Health experts and tobacco campaigners have strongly criticized New Zealand's decision to repeal laws that aimed to ban ...

Tech stocks slide while Dow Jones hits high for 2023

NEW YORK, New York - The Dow Jones index was the standout on U.S. financial markets on Thursday with a ...

US shoppers spend $38 billion online during Thanksgiving weekend

WASHINGTON D.C.: Despite the ongoing economic uncertainty, major discounts during the Thanksgiving weekend enticed U.S. shoppers, who spent some US$38 ...

Thailand will downgrade growth forecast for 2023 to 2.7 percent

BANGKOK, Thailand: This week, Thailand's Deputy Finance Minister Krisada Chinavicharana said after a weaker-than-expected third quarter, the country will downgrade ...

China pledges to deepen bilateral trade relations with Vietnam

BEIJING, China: The country's commerce ministry said that during a meeting with Vietnamese Prime Minister Pham Minh Chinh in Ho ...

U.S. stocks advance as U.S. Treasury yields retreat

NEW YORK, New York - Retreating bond yields and a higher-then-expected GDP reading for the third quarter boosted U.S. stocks ...

Airlines

Section