MBG MercedesBenz Group AG

By Kim Richters

Mercedes-Benz Group AG is in the process of selling its activities in Russia to local investor Avtodom with a final deal currently under review by authorities, the car maker's finance chief said on Wednesday.

The German auto maker's Chief Financial Officer Harald Wilhelm said in a results call with analysts that there wouldn't be any additional effect on profit other than what's been disclosed.

So far this year, the car maker took a hit of around 800 million euros ($797.4 million) related to the Russia business, a spokesman told Dow Jones Newswires, declining to comment on a potential price for the divestment.

In March, Mercedes-Benz said it would suspend exports to Russia and cease manufacturing there until further notice amid the country's war in Ukraine.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

October 26, 2022 04:09 ET (08:09 GMT)

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