Russian State Acquires St. Petersburg Plant from Toyota of Japan

[Yongpeng Sun-Tastaufen]

Russian State Acquires St. Petersburg Plant from Toyota of Japan | CarSpiritPK

Pakistan

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Russia and Toyota announced on Friday that the Japanese automaker’s St Petersburg plant had been handed over to state entity NAMI. Moscow is acquiring more assets from global automakers abandoning Russia due to the Ukraine conflict.



According to an official statement made by Russia’s Ministry of Industry and Trade:

“Toyota’s production site in St Petersburg has been transferred to the Russian state.”

Toyota first revealed its plans to close & sell its Russian plant in September of last year amid shortages of critical components and materials after it suspended production at that factory in March 2022 following Russia’s invasion of Ukraine.

“Toyota confirms that it has concluded the transfer of its vehicle production plant to NAMI effective from March 31, 2023. The agreement includes the full transfer of ownership of the plant buildings and land.”

According to the Russian government, efforts are being made to quickly resume production at the site. Renault and Nissan have already given their plants to NAMI, the Central Automobile and Engine Research and Development Institute of Russia.

Toyota’s St Petersburg factory was operational since 2005 and had a capacity of producing 100,000 units a year. Toyota used to produce the Camry and RAV4 in that plant for the Russian market with exports to Belarus, Kazakhstan, and Armenia. According to Toyota, the St Petersburg plant in 2021 had built 42,235 units of RAV4 and 38,547 units of Camry with RAV4 being the 11th best-selling model in Russia.