German automaker Volkswagen AG announced today the completion of the sale of all its Russian assets to the Russian company Art Finance LLC, a subsidiary of the major dealer Avilon.
«The new owner will receive all shares [Volkswagen] in Russian subsidiaries. The deal has been approved by Russian state authorities. It includes production facilities in Kaluga, distribution and after-sales business, as well as storage facilities and financial relationships with all related employees,» – Volkswagen AG said in a statement. According to Interfax, Avilon paid 125 million euros for Volkswagen's Russian assets.
Recall that Volkswagen cars have been produced at a plant located in the Kaluga region since November 2007. In 2011, production expanded to include the Nizhny Novgorod site owned by the GAZ Group. The production of Skoda and Volkswagen cars was suspended in Russia on March 3, 2022 due to the events in Ukraine.