Mazda will sell for a nominal fee its half of the joint venture that manufactures cars in eastern Russia, partner company Sollers has confirmed.
The deal, worth €1, has a buy-back clause enabling the Japanese company to re-enter the joint venture within three years.
This mirrors moves made by Ford, Nissan and Renault – Ford having also partnered with Sollers – to effectively pause their business in Russia following the state's invasion of Ukraine.
Mazda is expected to lose approximately ¥JPY 12 billion (£72 million) because of its exit from the joint venture.
