The world’s oldest car maker will finally, belatedly, exit the Russian car market after finding a local buyer for its subsidiary in the embargoed nation.
The German premium automaker will sell its industrial and financial services subsidiaries to Avtodom, a Russian auto dealership chain, for an undisclosed sum. A buyback option is said to be part of the deal, though the timeframe is undisclosed.
It halted its manufacturing operation near Moscow in March, following the invasion of neighboring Ukraine.
Mercedes-Benz also owns a 15% stake in truckmaker Kamaz, which it is transferring to DaimlerTruck this year. Kamaz has very definitely not ceased production.
The firm had announced a full suspension of its operations in Russia in March.
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