Mercedes-Benz becomes latest company to exit Russia

As the invasion of Ukraine nears its ninth month, Mercedes-Benz on Wednesday became the latest Western company to complete its exodus from Russia.

A spokesperson for the German auto manufacturer told CBS News the company intended "to withdraw from the Russian market and to sell its shares in its subsidiaries to a local investor." The statement added, "Mercedes-Benz has already suspended the export of passenger cars and vans to Russia as well as the local manufacturing in Russia at the beginning of the year."

Forbes reported that the local investor in question was Avtodom, a chain of Russian car dealerships. The amount of the deal was not disclosed, nor were Avtodom's intentions with the brand.

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While Mercedes-Benz stopped manufacturing in Russia this past March following the war's outbreak, it remained one of the few automakers to continue selling in the country. Data from the Association of European Business said the company sold 9,558 vehicles in Russia from January to September.

However, the company finally joined the long list of Western brands that have shunned Russia, including the majority of the world's large car manufacturers. Among these companies were Nissan and Toyota, along with numerous other non-car-related conglomerates.

Mercedes-Benz's announcement came the same day that American Ford Motor Company also completed its exit from Russia. In a press release, Ford said it had sold its remaining Russian ventures, a move that "[followed] the full suspension of all operations in Russia, including manufacturing, supply of parts, IT, and engineering support, in March this year."