The Italian automaker Iveco plans to withdraw from a joint venture with UralAZ Iveco-AMT, located in Miass, Chelyabinsk region, Reuters reported, citing the company’s CEO Gerrit Marks.
Marx noted that the decision made required “several months of deliberation.”
Iveco stopped deliveries of cars to Russia and Belarus in March 2022 amid a special operation in Ukraine. At the time, Marks told Bloomberg that the company was considering pulling out of the joint venture.
The enterprise in Miass was created by Iveco together with UralAZ in 1994, the plant, in particular, was engaged in the assembly of Iveco-AMT Trakker trucks.
After the start of the special operation and the introduction of anti-Russian sanctions, some automakers began to suspend their activities in the country. General Motors, Mercedes-Benz, BMW, Ford, Land Rover, Toyota and Mazda have suspended deliveries of their products to Russia, Mercedes-Benz, BMW, Volkswagen, Hyundai, Renault and Skoda Auto have suspended production in Russia. Renault assets became state property in early May – 100% of the shares of Renault Russia were transferred to the Moscow government, 67.69% of the shares of the AvtoVAZ auto concern became the property of the NAMI research center, and the remaining shares (32.31%) of the company will be retained by Rostec .
According to the Automobile Manufacturers Committee of the Association of European Businesses, sales of new passenger cars and light commercial vehicles (LCV) in Russia in the first half of 2022 decreased by 57% compared to the same period last year.
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