Japanese truck maker Isuzu has announced it has pulled out of the Russian market as a result of the fact that it has been unable to resume production following the halt due to the war in Ukraine.
The company has sold its stake in the business to Russian automaker Sollers, which has taken over Isuzu’s factory and about 200 employees, a Japanese source revealed.
Isuzu was forced to halt production in Russia in March 2022 after the Russian invasion of Ukraine disrupted its parts supply.
That caused the truck maker to book a special loss of 1.7 billion yen in the fiscal year ended March. The company had said in November 2022 that it was considering exiting the Russian market.
Isuzu commenced production in Russia in 2008, but it accounted for just one per cent of its global commercial truck output prior to the war.
The Russian unit produced about 3,700 vehicles in 2021, the equivalent of only about two and a bit months of the brands sales in Australia.