Toyota Stops Production at St. Petersburg Plant and Suspends Car Sales in Russia Amid Ukraine Crisis

Toyota Motor Corp. has suspended production at its plant in St. Petersburg, Russia, and halted car sales in the country, becoming the latest automaker to react to the Ukraine conflict.

The Japanese carmaker said in a statement on Thursday that it would "temporarily suspend production" at the plant in response to "supply chain disruptions" caused by the ongoing crisis.

Toyota also said it was "suspending vehicle sales in Russia" but did not provide a specific timeline for when sales might resume.

The company said it was "deeply concerned about the situation in Ukraine" and that it hoped for "a peaceful resolution" to the conflict.

Toyota's decision to suspend production in Russia comes as a number of other automakers have taken similar steps in response to the crisis.

Earlier this month, General Motors Co. said it would "pause" vehicle production in Russia, while Ford Motor Co. said it would "temporarily suspend" operations at its plant in St. Petersburg.

Volkswagen AG has also said it would "temporarily halt production" at its plant in Kaluga, Russia, while BMW AG said it would "suspend vehicle exports" to Russia.

The auto industry has been hit hard by the Ukraine conflict, which has disrupted supply chains and led to a sharp decline in consumer demand.

In addition to the suspension of production and sales, automakers have also been forced to deal with the rising cost of raw materials, which has put pressure on their profit margins.

The conflict has also led to a number of automakers to announce plans to reduce their exposure to Russia.

In March, Renault SA said it would sell its majority stake in AvtoVAZ, Russia's largest carmaker, to a Russian state-owned company.

Nissan Motor Co. has also said it would "explore options" to sell its stake in AvtoVAZ.

The Ukraine conflict has had a significant impact on the global auto industry, and it remains to be seen how long the disruption will last.