The Russian Ministry of Industry and Trade on Wednesday said the German carmaker Mercedes-Benz is expected to sell its Russian assets to a local investor, Avtodom.
Mercedes-Benz becomes the latest automaker to exit Russia since Moscow sent troops to Ukraine.
The Ministry disclosed this in a statement via Telegram.
It said; “Mercedes-Benz intends to sell its shares in Russian subsidiaries to a local investor, Avtodom.’’
"The new owner of the Russian divisions of Mercedes-Benz, Avtodom, will be able to attract other companies as partners for joint productions."
The General Director of Mercedes-Benz-RUS, Natalya Koroleva in a statement said; "The fulfilment of obligations to customers in Russia... as well as the preservation of jobs for employees of the Russian divisions of the company were the priority in concluding the deal with Avtodom.’’
"The completion of the transaction is subject to the approval of all relevant authorities."