Here are your FOX Business Flash top headlines.
Nissan has suspended vehicle exports to Russia and plans to cease production at its factory in St. Petersburg soon, the company said on Monday.
Nissan operates a factory near St. Petersburg, Russia. (Peter KovalevTASS via Getty Images)
The Japanese automaker is also donating 2.5 million euros ($2.75 million) to relief efforts in Ukraine.
“We have all been moved by the suffering of so many people and families – including members of our own Nissan family,” CEO Makoto Uchida said in a news release.
Nissan CEO Makoto Uchida said the company is “working around the clock to respond to this immeasurable human tragedy.” (Kiyoshi Ota/Bloomberg via Getty Images)
“We have created the Nissan Cares fund to stand by our employees, and to support the international efforts working around the clock to respond to this immeasurable human tragedy.”
Nissan is donating 1 million euros directly to the Red Cross and has set aside 1.5 million euros to assist its staff in the region with relocation expenses, medical care and child care assistance.
Nissan builds several SUVs at its factory in St. Petersburg. (Alexander DemianchukTASS via Getty Images)
Nissan builds versions of the Murano, Rogue (X-Trail) and Rouge Sport (Qashqai) in St. Petersburg for regional sale and also imports other models into Russia, including Tennessee-built Pathfinders.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Several automakers, including Ford and General Motors, have taken steps to pause business operations in Russia in response to the invasion of Ukraine, but Nissan’s alliance partner, Renault, which is involved in approximately 40% of vehicle production in the country, has so far only trimmed some output due to supply-chain disruptions.
