Russian President Vladimir Putin rides a Harley-Davidson in Ukraine in 2010. The US motorcycle maker has suspended its business in Russia. Picture: REUTERS
Several automotive companies have taken action to limit, put on hold or exit business activities in Russia following a wave of sanctions imposed after Moscow’s invasion of Ukraine.Daimler Trucksaid it would freeze its business activities in Russia with immediate effect, including its co-operation with Russian truck maker Kamaz.
Its pre-spin-off parent company, Mercedes-Benz Group, is looking into legal options to divest its 15% stake in Kamaz as quickly as possible.said it would suspend car shipments to the Russian market until further notice. Volvo sold aboutGM said it would suspend all vehicle exports to Russia until further notice. The Detroit company does not have plants in Russia, sells only about 3,000 vehicles annually there and has limited supply-chain exposure.
Renault is among the Western companies most exposed to Russia, where it makes 8% of its core earnings, according to Citibank. It also controls Avtovaz, Russia’s biggest carmaker.Harley-Davidson said it had suspended its business and shipments of its bikes to Russia.Ford informed joint venture partner Sollers it is immediately suspending operations in Russia until further notice.British luxury carmakers JLR and Aston Martin paused vehicle shipments to Russia.