By Will Feuer
Toyota Motor Corp. announced that it was ending production at its factory in St. Petersburg, Russia, and restructuring its operations in Moscow, months after the Russian invasion of Ukraine triggered international sanctions that have made operations in Russia difficult for multinationals.
Like many other multinationals operating in Russia, Toyota suspended production at its St. Petersburg plant on March 4, citing “discontinued supply of key materials and parts”. Russia launched its offensive against Ukraine in February.
“During this period, we retained our workforce entirely and ensured that our factory was ready to restart production if circumstances permitted. However, after six months, we were unable to resume normal operations and we see no indication that we can restart in the future,” Toyota said Friday.
“We must now act in a way that allows us to protect the values and principles that our predecessors built and be confident that we can pass them on to the next generation,” the company added.
Additionally, the company said its Moscow operations needed to be optimized and restructured to serve existing Toyota and Lexus customers in Russia.
Write to Will Feuer at Will.Feuer@wsj.com
More Stories
🌱 Rail In Roanoke Fifth Anniversary + ‘Love Letters’ Production
Industrial production in South Korea contracts by 1.8% in September
PM Modi lays foundation stone for C-295 transport aircraft production plant