BML 4.99 Decreased By ▼ -0.02 (-0.4%)
BOP 12.96 Decreased By ▼ -0.12 (-0.92%)
CNERGY 7.21 Increased By ▲ 0.09 (1.26%)
CPHL 88.10 Increased By ▲ 0.65 (0.74%)
DCL 14.67 Increased By ▲ 0.33 (2.3%)
DGKC 170.70 Decreased By ▼ -0.06 (-0.04%)
FCCL 46.95 Increased By ▲ 0.19 (0.41%)
FFL 16.01 Increased By ▲ 0.19 (1.2%)
GCIL 26.89 Increased By ▲ 0.02 (0.07%)
HUBC 147.00 Increased By ▲ 2.82 (1.96%)
KEL 5.18 Increased By ▲ 0.11 (2.17%)
KOSM 6.64 Decreased By ▼ -0.05 (-0.75%)
LOTCHEM 20.65 Increased By ▲ 0.06 (0.29%)
MLCF 84.92 Increased By ▲ 0.19 (0.22%)
NBP 121.51 Decreased By ▼ -0.31 (-0.25%)
PAEL 44.27 Increased By ▲ 0.81 (1.86%)
PIAHCLA 22.22 Decreased By ▼ -0.07 (-0.31%)
PIBTL 9.03 Increased By ▲ 0.10 (1.12%)
POWER 14.15 Increased By ▲ 0.14 (1%)
PPL 170.00 Increased By ▲ 0.06 (0.04%)
PREMA 43.20 Decreased By ▼ -0.19 (-0.44%)
PRL 33.45 Increased By ▲ 0.34 (1.03%)
PTC 23.85 Decreased By ▼ -0.41 (-1.69%)
SNGP 119.81 Increased By ▲ 0.17 (0.14%)
SSGC 46.30 Increased By ▲ 0.75 (1.65%)
TELE 8.15 Increased By ▲ 0.07 (0.87%)
TPLP 10.51 Increased By ▲ 0.04 (0.38%)
TREET 24.00 Increased By ▲ 0.03 (0.13%)
TRG 58.25 Increased By ▲ 0.20 (0.34%)
WTL 1.52 No Change ▼ 0.00 (0%)
BR100 13,706 Increased By 75.7 (0.55%)
BR30 40,105 Increased By 254.1 (0.64%)
KSE100 135,150 Increased By 849.7 (0.63%)
KSE30 41,032 Increased By 217.7 (0.53%)

MOSCOW: Japan’s Toyota Motor Corp has decided to close its plant in Russia, Russia’s Ministry of Industry and Trade said in a statement.

The automaker suspended production in St Petersburg in March due to supply chain disruptions and stopped vehicle imports into Russia.

Toyota will ensure the fulfilment of all social obligations, as well as significant additional pay-offs to the staff, the ministry said, and will retain after-sales service of Toyota and Lexus cars and maintain its dealer network.

Toyota to produce 800,000 vehicles in October, weighed by chips shortage

Russia’s Kommersant newspaper first reported the plans, citing unnamed sources, earlier on Friday.

The factory, which has a capacity of 100,000 units a year and produced the Camry and RAV4 models, will be preserved and may be sold in the future, Kommersant’s sources said.

The ministry and regional authorities are working on possible scenarios to develop the site, the ministry said.

Toyota’s July global vehicle output drops again, puts annual target in doubt

Toyota did not immediately respond to a request for comment.

Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment and an exodus of Western manufacturers after Moscow sent armed forces into Ukraine on Feb. 24.

Comments

Comments are closed.