Honda Motors ceases export to Russia due to shipping issues
Honda motors, Tokyo informs about the suspension of exports to Russia.
On Wednesday, reports arrive that Honda Motors ceases export to Russia. Russian trade is bearing the impact of war. Russia wages war on Ukraine, Kyiv is under attack by Moscow for a week now. There are heavy explosions and shelling.
As a gesture of solidarity and reprimand actions of Russia, the whole world, administrators, and traders are pulling out from associations with Russia. Except for a few economies, most of the nations impose sanctions on Russia.
Further, multiple western firms are withdrawing their trade and investment from Russia.
Reasons given by Honda motors to cease export to Russia:
Honda Motors sells 1,406 cars in Russia in FY2020. Although, it is facing issues in shipping vehicles and in payments. It is because Honda Motors does not have a production factory in Russia. They would not continue services there anymore.
Reaction from other automakers:
Many world-class automakers have already cut off their reach from Russia. Ford already suspends business with Russia.
Mazda Motor corporation suspends half of its trade with Russia.
Then, Mitsubishi Motor Corp may halt production should the supply get disrupted.
However, Toyota motors are able to function smoothly for now.
While Nissan motors continue their business with Russia. On a contrary, their trade-in Ukraine is shut down.
