Nissan Motor Company will transfer its business in Russia to a state-owned company for €1.
Reuters writes about it.
According to the agency, the company will lose about $687 million. This year, the company stopped production in the Russian Federation.
"Signaling an imminent exit from the market, Nissanʼs executive committee today decided to sell its Russian NAMI units to the Central Research Institute of Automobiles and Engines," Nissan Motor noted in a statement.
All Nissan employees in the market will receive a 12-month employment guarantee. The sale is likely to be finalized in the coming weeks. Under the terms of the contract, Nissan will be able to buy back the business over the next six years.