Top automakers halt production in Russia amid Ukrainian invasion
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As nations around the globe slap heavy sanctions on Russia, several top automakers have halted production at their respective facilities in the country and paused exports as Russian forces entered key Ukrainian cities after causing widespread destruction.
Toyota Motor Corporation said it would halt production at its Russian factory, starting Friday.
The company has one plant in St Petersburg that manufactures RAV4 and Camry models, especially for the Russian market.
Daimler Truck said earlier it would halt all of its business activities in Russia, which includes a joint venture with Russian truck maker Kamaz.
Mercedes-Benz, Daimler's former parent company before it spun off, also said it would divest its 15 per cent stake in Kamaz, reports TechCrunch.
Swedish truck maker AB Volvo has halted all production in Russia, and Ford Motor Company said that it has suspended operations in Russia until further notice.
French carmaker Renault has already suspended some operations at its car assembly plants in Russia due to logistics bottlenecks.
South Korea's Hyundai Group makes around 230,000 cars per year at its St Petersburg facility and accounts for 27.2 per cent of Russia's vehicle production.
The company said it would suspend its car assembly plant in St Petersburg this week due to supply chain disruptions, but will resume operations next week, according to the Wall Street Journal.
Czech carmaker Skoda Auto, which is a part of Volkswagen, said it would limit some production due to supply shortages. Russia was Skoda's second-largest market last year.
"Sales in both Ukraine and Russia can be expected to fall in view of recent developments," Skoda said in a statement.
Japan-based Mitsubishi Motors may also suspend production in Russia.
US automaker General Motors and Swedish automaker Volvo Cars said they would suspend all vehicle exports to Russia until further notice, the report said. GM sells about 3,000 vehicles annually in Russia and doesn't have any plants in the country.
BMW has also halted the export to Russia, saying it would stop production there due to supply bottlenecks.
Harley-Davidson halted business and shipments of motorcycles to Russia, "a brand that Russian President Vladimir Putin has been photographed riding".
Luxury car-makers Jaguar Land Rover (JLR) and Aston Martin have also paused vehicle shipments to Russia due to trading challenges.
Along with carmakers, shipping giants and logistics companies like MSC and Maersk, have suspended container shipping to and from Russia, the report mentioned.
