The moves come more than eight months after Russia invaded Ukraine, with no end in sight to the conflict.
"We confirm that Mercedes-Benz intends to withdraw from the Russian market and to sell its shares in its subsidiaries to a local investor," a spokesperson told CBS MoneyWatch in an email on Wednesday."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."
Harald Wilhelm, the German automaker's chief financial officer, on Wednesday alluded to the challenging business environment created by the conflict. "The macroeconomic and geopolitical conditions continue to be characterized by an exceptional degree of uncertainty, including the war in Ukraine, its effects on supply chains and on the availability and the development of prices for energy and raw materials," he said in a statement regarding the company's third-quarter earnings.
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