GM Halts Deliveries To Russia

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Russians who have already purchased cars will get deliveries at the agreed upon price, according to spokesman Sergey Lepnukhov.

GM sells more cars in Russia than any U.S. automaker, however the country makes up a relatively small portion of its global sales.

Overall it has sold about 170,000 cars under the Chevrolet, Opel and Cadillac brands in Russia in the first 11 months of the year, according to the Association of European Businesses, which tracks auto sales. That’s less than GM sells in a single month in either the U.S. or China, its two largest markets.

One of the largest automakers in Russia is a partnership between Renault and Nissan. A spokesman for that alliance says it has no plans to suspend deliveries at this time. A spokesman for Toyota also said it has no plans to halt sales in Russia, but will soon increase the cost of its cars there.

Apple shut down its online store in Russia earlier this week, citing “extreme fluctuations” in the value of the currency. The decline in the price of oil, a major source of revenue for the Russian government, has sparked a plunge in the value of the ruble, causing it to lose nearly than half of its value versus the dollar.