Japanese truck maker Isuzu Motors Ltd. has pulled out of the Russian market as it was unable to resume production following a halt due to the war in Ukraine, a source familiar with the matter said Friday.
The company sold its stake in the business to Russian automaker Sollers, which has taken over Isuzu's factory and about 200 employees, the source said.
Isuzu was forced to halt production in Russia in March 2022 after the Russian invasion of Ukraine disrupted its parts supply.
That caused the truck maker to book a special loss of 1.7 billion yen ($12 million) in the fiscal year ended March. The company had said in November 2022 that it was considering exiting the Russian market.
Isuzu's vehicle production in Russia, which commenced in 2008, accounted for only 1 percent of its global commercial truck output prior to the war.
The Russian unit produced about 3,700 vehicles in 2021, according to the company website.