General Motors estimated the losses from leaving Russia at $660 million
The American automobile concern General Motors has estimated the costs due to the termination of business in Russia in 2022 at $657 million. The amount includes the write-off of net investments and the transfer of accumulated losses from the transfer to profit, reports Interfax-Ukraine.
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The concern notes that since March 2022, in response to a full-scale war against Ukraine linked by Russia, it has stopped supplying cars and components to Russia and Belarus.
Until March 2022, GM supplied premium Chevrolet and Cadillac models to the Russian Federation from the USA. Their total sales, according to the Russian Association of European Business (AEB), amounted to 3.42 thousand units in 2021.
A few years before that, after Russia’s illegal occupation of Crimea, GM had already significantly reduced its presence in the Russian Federation, stopping car production at its plant in St. Petersburg in 2015.
At the end of 2020, the production site was sold to the South Korean Hyundai, which also stopped the production of cars in the Russian Federation after the start of a full-scale invasion of Ukraine.
Source: Ministry of Finance
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