Nissan Pulls Out of Russia, Sells Business for 1 Euro
MOSCOW—Nissan will hand over its business in Russia to a state-owned entity for 1 euro ($0.97), taking a loss of around $687 million. The decision marks the latest costly exit from the country by a global company.
The automaker will transfer its shares in Nissan Manufacturing Russia to state-owned NAMI. The deal will give Nissan the right to buy back the business within six years. The sale will include Nissan’s assembly plant and research facilities in St. Petersburg, as well as its sales and marketing center in Moscow.