Mercedes-Benz to Sell Shares in Russian Subsidiaries to Local Investor, as Foreign Automakers Pull Out

Started by Epoch-Times-Bot, Oct 27, 2022, 12:45 AM

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Epoch-Times-Bot

Oct 27, 2022, 12:45 AM
Mercedes-Benz to Sell Shares in Russian Subsidiaries to Local Investor, as Foreign Automakers Pull Out

Mercedes-Benz announced that it was pulling out of Russia and would sell all of its shares in its local subsidiaries to a little known Russian investor.
The German automaker is the latest foreign car manufacturer to abandon the Russian market, after it suspended its local operations in early March, after the invasion of Ukraine.
It was revealed by Forbes that the local investor was Avtodom, a Russian car dealership chain.
No financial details of the Oct. 26 transaction were provided by either side, or any future plans for the brand.
The Russian Ministry of Industry and Trade later mentioned the transaction in a Telegram statement....

Source: Mercedes-Benz to Sell Shares in Russian Subsidiaries to Local Investor, as Foreign Automakers Pull Out

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