Toyota has transferred its Russian plant to state entity NAMI.
The automaker suspended manufacturing on the manufacturing unit in St. Petersburg final 12 months amid shortages of key parts and supplies following Russia’s invasion of Ukraine.
In a information launch on Friday, Toyota mentioned it has concluded the switch of the plant to NAMI, efficient March 31.
The settlement consists of the total switch of possession of the plant buildings and land, Toyota mentioned.
The manufacturing unit has a capability of 100,000 items a 12 months. It produced the Camry midsize sedans and RAV4 midsize SUVs for the Russian market with exports to Belarus, Kazakhstan and Armenia.
Toyota declined to touch upon the transaction value.
Russia’s Ministry of Trade and Commerce mentioned it was engaged on resuming manufacturing on the plant as quickly as doable.
NAMI, Russia’s Central Vehicle and Engine Analysis and Growth Institute, has already taken over crops from Renault and Nissan.
Reuters contributed to this report
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