Mazda company incurred heavy losses due to its exit from the Russian market, as financial reports indicate that the Japanese company will sell its share in its partnership with Solires Prussia, of 50%, for only one euro.
According to a report published by Motor1, the sales contract between Mazda and Solires stipulates the ability of the Japanese company to return and buy a package of its 50% seller’s share at any time of the next three years with the same value, only 1 euros.
Mazda’s losses from this extraordinary exit, amounting to about 12 billion yen, which amount to 85. 6 million dollars or 83 million euros, the decision was taken after the outbreak of the Russian -Ukrainian war in February 2022, when the company stopped shipping parts to its Russian MSMR, and despite the existence of Negotiations between the two parties, Mazda saw that there is no way to resume production again in Russia.
The company, officially known as “Mazda Sollers Manufacturing Rus”, has managed a factory in Vladivostok since October 2012, with an annual production card of 50 thousand units. Products included the SUV CX-30, CX-5 and CX-9 along with 6 sedans. Last year, Mazda acquired 1. 8% of the Russian car market.
Mazda’s decision to sell its share in its partnership with Solires does not mean the end of the giant factory in Russia, as the Russian company recently revealed that it will resume work again in 2023 with a collection of new models.
It is noteworthy that Mazda is not the only one that leaves Russia and is in great losses, as Nissan and Toyota also announced the departure of the Russian market, while Hyundai is still studying all options, while she was stopped – as is the case in most car companies – supplies for their factories there..
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