DMLRY - Stellantis latest to suspend production in Russia

Stellantis (NYSE:STLA) joins manufacturers such as Ford (F), Volvo (OTCPK:VLVLY), Toyota (TM), General Motors (GM), BMW (OTCPK:BMWYY), Jaguar Land Rover, Mercedes Benz (OTCPK:DDAIF), the VW Group (OTCPK:VWAGY) and Renault (OTC:RNSDF) in suspending production activities in Russia. The company said, “Given the rapid daily increase in cross sanctions and logistical difficulties, Stellantis has suspended its manufacturing operations in Kaluga to ensure full compliance with all cross sanctions and to protect its employees.” The company had previously suspended all import and export of vehicles from Russia following the invasion of Ukraine along with moving its production bases for vehicles to other sites in Western Europe. On April 13, the company sold its stake in the financial-services joint venture Dongfeng Peugeot Citroen Auto Finance Company (DPCAFC) to Dongfeng Group. STLA stock up 3% premarket.

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Stellantis latest to suspend production in Russia