Sollers to buy Mazda out of Russian joint venture

Russian automaker Sollers is in talks with Mazda Motor the buy Mazda’s stake in their Russian joint venture, Sollers said on Monday.

Mazda said in March that exports of parts to the venture’s Vladivostok plant were going to end and production would be stopped after stocks run out.

The Nikkei newspaper reported the talks with Sollers.

Mazda sold 30,000 cars in Russia last year.

Sollers said it was in talks with Mazda over ending auto production in Vladivostok and buying out Mazda’s stake in the venture.

“At the same time, Sollers Auto has already developed a plan to relaunch the factory for production of other automobile brands and negotiations on this issue are currently being finalized,” Sollers said in a statement.

A Mazda spokesperson said the company was talking about ending vehicle production in Vladivostok.

Russia’s auto industry has been hit by Western sanctions imposed on Russia after the military conflict between Russia and Ukraine intensified on February 2022.