UPDATE - Japanese Automaker Isuzu Leaves Russian Market - Reports

MOSCOW (UrduPoint News / Sputnik - 14th July, 2023) Japanese automaker Isuzu has left Russia and transferred shares of its subsidiary to the Russian company Sollers, Japanese media reported on Friday.

Sollers received a plant with about 200 employees. The production has been since stopped last March, however, due to problems with the supply of spare parts amid the Ukrainian crisis, and now the company does not see any prospects for its resumption, Japanese news agency Kyodo reported, citing sources.

The report said that the plant was opened in 2008, and in 2021 it produced 3,700 vehicles, which is about 1% of Isuzu's truck production.

Sollers is a Russian automobile company working in partnership with Ford, Mazda and Isuzu. The company owns production sites where various cars are manufactured.

Sollers confirmed the purchase of 100% of Isuzu's subsidiary assets and said it would restart operations at the Isuzu Rus JSC production site in the Russian city of Ulyanovsk to save jobs and ensure the use of existing production facilities.

"Sollers PJSC announces the closing of the acquisition of 100% of shares of Isuzu Rus JSC. Under the acquired legal entity Sollers Group will supply spare parts for Isuzu trucks in order to fulfill warranty obligations to customers and provide service support," the company said in a statement.

In March, the Russian Ministry of Industry and Trade included 12 foreign car brands, including Isuzu, on the list of parallel imports.