On Tuesday, Nissan Motor Co Ltd announced it will sell its business to state-owned NAMI for 1 euro, taking a loss of around $687 million. But, the deal will allow Nissan to buy back the business within six years.
The sale includes the Japanese automaker’s production and research facilities in St Petersburg, but also its sales and marketing center in Moscow.
Nissan is expecting a major loss of around 100 billion yen ($687 million), but maintained its earnings forecast for the financial year ending in March.
Renault, which owns 43% of Nissan, estimate that the decision will cost them 331 million euro in its net income for the second half of 2022.
