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Named the loss of a global auto brand after leaving the Russian market

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Named the loss of a global auto brand after leaving the Russian market

Photograph: Victor Gusenov

Foreign car brands have already lost about 4.5 billion euros after leaving the Russian market. Such data was provided by an expert in the automotive market Vladimir Bespalov, The multi-billion-dollar losses are associated with unrealized investments in Russia, as well as the near-free transfer of assets within the country.

According to Izvestia newspaper, according to Nissan’s financial report, the company lost 165 million euros on the back of the sale of business in Russia, and the revenue for the second quarter of 2022 decreased by 68% compared to the same period last year. Toyota’s European division estimates 526 million euros, and Renault – 2.3 billion euros, Mercedes-Benz – 1.4 billion euros.

As Bespalov explained, earlier automakers actively invested in the Russian economy, but after the cessation of activity in Russia, the investment turned into a loss. According to experts, the withdrawal is an “unpleasant” factor for foreign brands from the point of view of losing the sales market, but “not fatal”.

“In steady state, the volume of the Russian market for new cars is 1.5-2 million units per year. This is about 2% of global car sales. Therefore, the loss of the Russian market for foreign automobile companies cannot be considered significant,” the expert publication cites.


Source: www.kp.ru

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