The German car manufacturer Volkswagen AG reported today about finalizing the deal to sell all of its Russian assets to the Russian company LLC Art Finance, a subsidiary of the major dealer Avilon.
"The new owner will receive all shares [Volkswagen] in Russian subsidiaries. The deal has been approved by the Russian authorities. It includes manufacturing facilities in Kaluga, distribution and after-sales business, as well as warehouse premises and financial relationships with all associated employees", the Volkswagen AG statement says. According to Interfax, Avilon paid 125 million euros for the Russian assets of Volkswagen.
Let's recall, Volkswagen cars have been produced at the plant, located in the Kaluga region, since November 2007. In 2011, production expanded due to the Nizhny Novgorod site, owned by the GAZ Group. Manufacture of Skoda and Volkswagen vehicles was stopped in Russia on March 3, 2022 due to the events in Ukraine.