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Russia Moves to Take Over Toyota Plant

Japanese carmaker Toyota’s St Petersburg plant may be transferred to the Russian state entity NAMI, Russian Industry and Trade Minister Denis Manturov said on Thursday, according to the state-run TASS news agency.

“The transfer of Toyota’s Russian asets to NAMI is being considered,” Manturov was quoted as saying on the sidelines of a business congress.

NAMI, Russia’s Central Automobile and Engine Research and Development Institute, has already snapped up plants from Renault and Nissan.

A Toyota spokesperson could not immediately be reached for comment outside regular business hours.

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