Suzuki’s Hungarian plant has suspended car exports to Russia and Ukraine since March because of the war, the company said.
Central Europe is facing the economic consequences of Russia’s February 24 invasion of Ukraine, including harsh Western sanctions imposed on Moscow and disruption to global markets as investors turned to safer assets.
Suzuki said it exports about 10,000 cars to Russia and Ukraine each year, adding that it is trying to shift affected orders to other markets to maintain its planned production volume.
Suzuki in Hungary sold 119,098 cars in 2020 based on the latest available data on its website, including 101,672 cars in foreign markets, which means that Russia and Ukraine account for almost a tenth of its annual exports.
A company spokesman said the rising energy costs and the weakening of the forint, which has fallen 3% against the euro since the beginning of the year, had an additional impact on Suzuki’s operations.
Source: Capital
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