The American car manufacturer General Motors estimated the costs of ending its operations in Russia in 2022 to 657 million dollars, AP reported.
According to the company’s accounts, the amount includes the write-off of net investments and the transfer of accumulated losses from transfer to profit.
The concern notes that as of March 2022, it has stopped supplying vehicles and components to Russia, Belarus and other territories, which have been sanctioned, because of the military aggression against Ukraine.
Until March 2022 GM supplied the premium Chevrolet and Cadillac models in Russia from the USA. According to the Association of European Enterprises (AEB), in 2021 their total sales amounted to 3,423 units, which shows an increase of 1.7 times compared to “covid” 2020. From April 2022, the company stops providing AEB with data for its sales on the Russian market.
A few years before that, GM was already significantly reduced its presence in the Russian Federation, ceasing car production at its St. Petersburg plant in 2015. At the end of 2020, the site was sold to the South Korean company Hyundai.