Volkswagen Sells Russian Business to Local Investor
19 Mai 2023 - 11:50AM
Dow Jones News
By Mauro Orru
Volkswagen said it had sold its Russian business to Art-Finance,
an investor backed by Russian auto dealer Avilon, making the German
car maker the latest western company to pull out of the country
after the invasion of Ukraine.
Volkswagen announced the completion of the deal on Friday,
saying the transaction included production facilities in Kaluga,
warehousing, its distribution and after-sales business, and
financial services activities with all associated employees.
Russian government authorities approved the deal, for which
Volkswagen didn't disclose financial terms. Volkswagen's Russian
subsidiary had previously stopped production and imports of all
Volkswagen brands, including Audi, Porsche and Skoda.
However, the group still had assets in Russia, including a plant
in Kaluga that put out some 118,000 vehicles in 2021, according to
Volkswagen data. Volkswagen and Skoda models were being produced in
Nizhny Novgorod under a contract with Russian automotive
manufacturer GAZ.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
May 19, 2023 05:35 ET (09:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Volkswagen (TG:VOW3)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Volkswagen (TG:VOW3)
Historical Stock Chart
Von Mär 2023 bis Mär 2024