Nissan takes a loss of $687 million as they sell its Russian business by selling for 1 euro. This is the exit from the country by the company. However, the automaker has the right to buy back the business within six years according to Russia’s industry and trade ministry.
“On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years. While we cannot continue operating in the market, we have found the best possible solution to support our people,” Nissan CEO Makoto Uchida said in the statement.