The conflict in Ukraine is already in its second week. While the situation does not seem to be resolving itself, we are seeing more and more companies shutting down their operations there as a form of retaliation and economic sanctions.
It's not our job to deal with decisions made by the McDonald's and IKEA's of the world, but when it touches the automotive industry, it becomes our business. And the news about that is starting to roll in.
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This week, Lamborghini made its move. The Italian automaker announced its decision on Twitter. The company of course comments on the conflict, but takes time not to point the finger directly at Russia. The company is very successful there, which explains its caution. Nevertheless, it had to act, obviously. It is deeply saddened by the events and is watching the situation with great concern.
Lamborghini therefore suspended its activities in the land of vodka because of the current situation. Earlier this month, the parent company, Volkswagen, stopped producing models at its Russian plants in Kaluga and Nizhny Novgorod. The company also temporarily stopped exporting its models to Russia.
Then, wanting to contribute in its own way, Lamborghini announced that it would make a donation to the United Nations to help refugees. As of today, it is estimated that approximately two million people have fled or are about to leave Ukraine.
We are monitoring the situation closely and will be back shortly with more information on the overall effects of the war on the industry.