2023-05-21 19:04:32
After the Volkswagen Group suspended all of its activities in Russia in response to the attack on Ukraine in February 2022, the Lower Saxony car group announces that it is now fully withdrawing from the country.
We thus learned on May 19 that the shares of Volkswagen Group Rus but also its local structures and subsidiaries such as Scania are no longer part of the German company since they are all sold to the investor Art-Finance, supported by the Russian automotive distributor Avilon.
If we do not know the total amount of this session, we know however that the transaction includes in particular the production facilities of the Kaluga plant in the west of the country. Built in 2006-2007, Volkswagen had commissioned this assembly plant in November 2007. This industrial unit employed at the height of its activity some 3,500 employees and might produce up to 150,000 vehicles per year.
In addition, Volkswagen is selling all of its sales (dealers) and following-sales (workshops) activities, as well as warehousing, tank farm management and all financial services. All these activities are sold to the Russian buyer who has undertaken to take over all the employees who were previously under the management of Volkswagen.
We do not know what will become of these entities left under Russian governance.
To be continued.
Via AMP, AP.
1684705726
#Volkswagen #divesting #Russian #operations #Automobilist
