Top Japanese automakers including Toyota were forced to halt production in Russia as Western sanctions that followed its invasion of Ukraine scrambled logistics and cut supply chains, deepening the country's economic isolation. Toyota Motor (7203.T) also said its vehicle exports to Russia had stopped indefinitely, following similar moves by local rivals Honda Motor (7267.T) and Mazda Motor (7261.T). read more
Many Western companies have spurned Russia following its attack, with some saying they would exit investments, "Toyota is watching the ongoing developments in Ukraine with great concern for the safety of people of Ukraine and hopes for a safe return to peace as soon as possible," it said in a statement. Toyota is Russia's top Japanese brand, producing about 80,000 vehicles at its St. Petersburg plant which employs 2,000 staff. Global car companies including Mercedes-Benz (MBGn.DE), Ford (F.N) and BMW have also stopped making and exporting cars to Russia