Continental has decided to finally leave the Russian market

The German concern Continental has decided to gradually withdraw from Russia. This was announced by the company's CEO Nikolai Setzer, his quote was published in a press release.

“2022 has been a particularly challenging year for us in several ways. The war in Ukraine has led to higher prices for raw materials, semi-finished products, energy and logistics. This is also the reason why we continue to strive for a controlled exit from the Russian market,” said Setzer.

The press release said that following the results of the financial year ended, Continental suffered a loss of 850 million euros. In Russia, the company's assets depreciated by 87 million euros.

In March, the manufacturer announced the suspension of work in Russia. This concerned primarily the plant in Kaluga, which produced tires and spare parts for the industrial division of the company. In addition, the organization has stopped import and export deliveries.

At the end of July, the governor of the Kaluga region, Vladislav Shapsha, announced that the enterprise would resume work.