Despite suffering heavy losses in Russia's sinking economy, global automakers say they still expect a long-term payoff from their huge investments there.
But for now, with the collapse of the ruble and cratering auto sales, the red ink is flowing.
"It's a bloodbath for everybody. All car manufacturers are losing money," Renault-Nissan CEO Carlos Ghosn told reporters in Japan on Friday, according to Reuters.
General Motors, Audi, Renault-Nissan and Jaguar Land Rover temporarily halted or limited sales last week in response to the volatility of the ruble, which has lost more than 40 percent of its value against the dollar since Jan. 1. Others, including Ford and BMW, have increased prices as they struggle to stem rising losses.
U.S. automakers have been hit particularly hard. Through November, Ford sales fell 40 percent to 56,807 on the back of collapsing demand for its best-selling Focus, while GM's Chevrolet and Opel brands lost a combined 26 percent to post sales of 169,005.
Russia has become vitally important for automakers in recent years as the market surged to 2.9 million annual sales in 2012 to become the second largest in Europe behind Germany.
Automakers such as Ford, GM, Volkswagen, Nissan, Toyota, Hyundai and Kia have been enticed to build there with the promise of favorable taxes. But automakers now are suffering from what one analyst has described as Russia's "endemic volatility."