Luxury motor vehicle group has become the latest company to pull out of Russia.
This is according to a tweet by The Spectator Index.
The German carmaker reported plans to sell its shares in local subsidiaries, including its plant, in the Moscow Region.
“Mercedes-Benz intends to leave the Russian market and sell its shares in local subsidiaries… to a local investor, Avtodom,” the company said in a statement.
Avtodom, according to Urdupoint.com, said that it intends to do everything possible to maintain the brand’s after-sales service in Russia.
A Mercedes spokesperson told Reuters the company’s stake in Russian truckmaker Kamaz (KMAZ.MM) would not be affected by the intended transaction, and should be transferred to Daimler Truck this year as planned.
This is a developing story, more to follow
Compiled by Narissa Subramoney
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