MOSCOW (Reuters) – Russia and Toyota said on Friday that the Japanese automaker’s plant in St Petersburg had been transferred to state-owned NAMI.
“Toyota confirms that it has completed the transfer of its vehicle production plant to NAMI effective March 31, 2023,” Toyota said in a statement. “The agreement includes the full transfer of ownership of the factory buildings and land.”
Toyota had said in September that the company would halt vehicle production in Russia due to disruptions in the supply of key materials and parts.
Neither party disclosed the amount of the transaction.
The automaker produced Camry and RAV4 models at the plant, which has been in operation since 2005, a Toyota spokesman said. Just over 80,000 vehicles were manufactured there in 2021.
The Russian Industry Ministry said it was working to resume production at the plant as soon as possible.
Moscow has bought other assets from automakers that left Russia due to the conflict in Ukraine. NAMI, the Russian Central Institute for Research and Development of Automobiles and Engines, has already taken over plants from Renault and Nissan.
Renault sold its majority stake in Russian company Avtovaz for a symbolic ruble, but with a six-year buyout option. NAMI paid one euro for Nissan’s assets.
(Writing Alexander Marrow, Gaëlle Sheehan, editing by Kate Entringer)
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