Mercedes-Benz will withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest automaker to exit the country.
Mercedes-Benz Russia said shares in the local subsidiaries would be sold to car dealer chain Avtodom.
Mercedes Chief Financial Officer Harald Wilhelm, while presenting third-quarter results, said the transaction was not expected to give rise to any further significant effects when it comes to the group’s profitability and financial position beyond those reported in previous quarters.
“Final completion of the transaction is subject to the authority’s approval and the implementation of contractually agreed conditions,” he added.
The automaker will join a long list of companies also winding down their exposure in Russia after its invasion of Ukraine in late February.
Amer Malas 
Hani Joudi 
