EconomyFinancialGeneral Motors abandons the Russian market due to invasion...

General Motors abandons the Russian market due to invasion of Ukraine

General Motors is definitely leaving Russia due to the military campaign in Ukraine, according to the Russian daily Kommersant.

The American manufacturer has already informed dealers about the cessation of the supply of models and also of spare parts, says the newspaper in its digital version.

In addition, the newspaper's sources reported that the company will lay off all employees from its office in the Russian capital.

According to Kommersant, GM is the first major group in the global automobile industry to leave the Russian market for good.

Until now, the other giants had only temporarily suspended their business or halted their sales since the start of the Russian "special military operation" in Ukraine on February 24.

According to the source, GM will not compensate dealers who have invested heavily in accommodating American Chevrolet or Cadillac cars in their salons.

On March 11, the United States banned exports of the company's luxury cars to Russia due to what the White House considers Russian "aggression" against Ukraine.

GM has only sold high-end cars in Russia since it suspended production in the Russian market in 2015, a year after Russia annexed Ukraine's Crimean peninsula.

In the first three months of this year, General Motors sold 266 Chevrolets and 162 Cadillacs in this country.

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