Vladimir Putin’s invasion of Ukraine continues to cost the Russian economy.
Toyota the latest corporation to exit the country, selling its St. Petersburg factory
and ending imports into the Eastern Block country. The Japanese car giant earlier
this year paused production of its Camry sedan and RAV 4 SUV due to parts
supply disruptions caused by Russia’s invasion of Ukraine. It however retained
its Russian workforce by performing maintenance work on its St Peterburg
facility. However, in a recent media statement Toyota said “it has not been able to
resume normal activities and sees no indication that we can restart in the future.”
Both Toyota and Lexus will also cease imports of new cars into Russia,
restructuring their current retail outlets to provide ongoing service to existing
customers. The company last year sold 97,941 new cars into Russia. I’m David Berthon.

Download this podcast here