Mercedes sells the Russian business completely and sells it to the Russian investor Avtodom.
The car manufacturer announced this on Wednesday (October 26th, 2022). CFO Harald Wilhelm added that the sale will not have any additional financial consequences. So far, the Russian business has cost Mercedes around 700 million euros in the first half of 2022 due to the EU sanctions. The company expects neither a write-down nor any income from the sale.
Renault and Nissan have already sold their Russian business to the State Central Research and Development Institute for Automobiles and Engines (NAMI) for a symbolic euro. However, there is an option for a buyback. It should be similar in the case of Mercedes. The Russian market plays a subordinate role for Mercedes. The market share in 2021 was 2.7 percent. For comparison: VW was there with over eleven percent in 2021. Since March 2022, Mercedes has stopped selling in the country and only sells dealer stock.
, In our photo show we show you how the Russian market was ticking in 2021.
Like Nissan and Renault, Mercedes is now withdrawing completely from the Russian market and selling sales and production facilities. No profit is expected from the sale. The Russian business will probably be sold for a symbolic euro.