Foreign Carmakers Go Into Reverse In Russia

March 24, 2015 8:43 PM

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Cars drive past the Kremlin along the Moscow River last December. Foreign automakers had been ramping up production in Russia, but the country's economic woes have caused car sales to drop sharply. Several foreign car makers have cut back production and General Motors is pulling out of Russia.

General Motors announced last week that it's closing its auto plant in St. Petersburg, and Volkswagen says it will lay off workers and reduce shifts at a plant in central Russia.

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