Isuzu was reported to have pulled out of Russia altogether after halting production in the country soon after Russia’s invasion of Ukraine in February 2022, according to reports in Japan citing an official source.
The truck maker had signalled last November it was considering leaving the country.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
It had been “unable to resume production” at its plant in Ulyanovsk due to a lack of components.
The plant employs 200 people and assembled 3,700 Isuzu N-series trucks in 2021 which were sold mostly locally. Isuzu began production there in 2008.
Reports suggested Isuzu had sold its 29% stake in the factory to Russian partner Sollers JSC, incurring an extraordinary charge of JPY1.7bn (US$12m) in its accounts for the fiscal year ending 31 March 2023.
A number of other vehicle foreign manufacturers have also halted production in Russia or left the country altogether following the Ukraine invasion, resulting in local companies taking over their operations, while Chinese automakers have been strengthening their presence.
