CNA – Russian carmaker Sollers will buy out Japanese auto maker Mazda’s 50 per cent stake in their joint venture car assembly plant in Vladivostok, Sollers said yesterday.
In a results statement yesterday, Mazda said the deal would be worth one euro, bring it the right to buy the asset back for the same amount within three years.
Mazda, which took 1.8 per cent of the Russian car market last year, said in March it would stop supplying parts to the plant and production would eventually cease, as it joined some Western manufacturers leaving Russia.
The plant had the capacity to make 50,000 cars a year.
Approvals for the sale of Mazda’s stake in the plant to Sollers have been granted, a Sollers spokesperson said, adding, “We are preparing to restart the plant next year with a new model line-up.”