Toyota has announced that it has decided to terminate vehicle production at its Saint Petersburg plant in Russia.
In a press release, Toyota has stated that on March 4th, it had to suspend manufacturing operations at its plant in Saint Petersburg due to the interruption in supply of key materials and parts. Since then, it has been closely monitoring the situation and evaluating the future sustainability of our business in Russia.
During this period, the company has fully retained its workforce and ensured its facility was ready to re-start production if the circumstances allowed. However, after six months, it has not been able to resume normal activities and see no indication that it can re-start in the future.
The decision to terminate production of Toyota vehicles in Russia is not one that the world renowned brand has taken lightly. Over the last 80 years, it has developed its business and its brand with the support of stakeholders around the world. It must now act in a way that allows it to protect the values and principles that its predecessors built up and be confident that it can pass them on to the next generation.
Toyota has also determined that its operations in Moscow need to be optimised and restructured - with the clear objective of retaining an effective organisation to continue supporting the retail network in providing ongoing service to existing Toyota and Lexus customers in Russia.
Toyota would like to thank its employees for their hard work and loyalty. In recognition of their valued contribution, it will be offering them assistance for re-employment, re-skilling and well-being, including financial support above legal requirements.
