Mercedes-Benz to withdraw from Russian market, sell shares to local investor

Mercedes-Benz said on Wednesday it would withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest carmaker to exit the country.

A Mercedes spokesperson said the company’s stake in Russian truckmaker Kamaz would not be affected by the intended transaction and should be transferred to Daimler Truck this year as planned.