India, Sept. 24 -- Japanese auto giant Toyota Motor is the latest carmaker to pull out of Russia amid the country's war against Ukraine. The carmaker made the announcement late on Friday, confirming its decision to shut its only plant in the country in the wake of war. News agency Reuters reported that Toyota has decided to cease vehicle production in Russia permanently. Before exiting, Toyota held the largest market share in the country compared to any other Japanese brand.

Toyota had began manufacturing cars locally in Russia in 2007. It had set up its plant at St Petersburg where it used to manufacture RAV4 sport utility vehicle and the Camry sedan before the decision to shut it down. Last year, Toyota manufactured 80,000 vehicles and...