2 Nov 2022 10:30

Toyota estimates cost to cease manufacturing in Russia at over $650 mln

MOSCOW. Nov 2 (Interfax) - Toyota Motor Corporation has estimated the costs associated with stopping car manufacturing in Russia at 97 billion yen, or over $650 million at the current exchange rate, according to the Japanese automaker's financial statements for the second quarter of the current fiscal year that ended on September 30.

Toyota Motor LLC, the automaker's Russian division, at the end of September announced the complete end to car manufacturing in St. Petersburg. The company clarified that it has maintained a full-time staff since halting car manufacturing in early March, with employees numbering 2,350 at the end of September.

Russia's Industry and Trade Ministry noted that the company would maintain after-sales service for Toyota and Lexus cars on the Russian market, as well as support the local dealership network. The ministry added that it was working on possible scenarios for developing the St. Petersburg site with the St. Petersburg authorities.