Volvo, Daimler Truck suspend business in Russia
Mercedes-Benz looking to divest from investments in the country
Chinese-owned Volvo Cars and Germany's Daimler Truck announced the suspension of some of their operations in Russia on Monday due to the country's invasion of Ukraine.
Volvo is no longer shipping cars to Russia. (REUTERS/Yves Herman)
Volvo said it has stopped delivering cars to Russia until further notice, while Daimler Truck is freezing all business activities in the country, including work it does in collaboration with Russia's Kamaz.
Daimler Truck owner Mercedes-Benz Group said it is looking at legal avenues to divest the 15% stake it holds in Kamaz, Reuters reported.
Daimler Truck has suspended some business in Russia. (THOMAS KIENZLE/AFP via Getty Images)
Truckmaker AB Volvo, which is separate from Volvo Cars, has also suspended sales and production in Russia, where it does 3% of its business.
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Renault last week said it was idling some operations at its factories in Russia due to logistical issues caused by the conflict, but did not say it was looking to end business in the country as a result of the military action.