Stellantis N.V. announced on Tuesday in a statement that due to the "rapid daily increase in cross sanctions and logistical difficulties" the company decided to suspend "its manufacturing operations in Kaluga to ensure full compliance with all cross sanctions and to protect its employees.", APA reports citing Teletrader.
The company underscored that it "condemns violence and supports all actions capable of restoring peace."
Previously, Stellantis reported that it would halt imports and exports of vehicles to Russia as well as stop any new investment plans as a result of the crisis in Ukraine. Nevertheless, the company continued the joint production of vans with Mitsubishi in the city of Kaluga for the domestic market, where it later experienced difficulties due to a shortage of parts.
Stellantis shares plunged 6.65% at 9:43 am CET on CAC 40 index.
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