2023-05-19 22:52:00
Volkswagen has completed the sale of its Kaluga factory in Russia and its local subsidiaries, the German car group announced on Thursday, following months of disputes with Moscow authorities regarding the transaction, reports Archyde.com, quoted by Agerpres.
VolkswagenPhoto: Photo Central / Alamy / Profimedia Images
Volkswagen has sold its stake in Volkswagen Group Rus LLC to Art-Finance LLC, which is backed by a local car dealer – Avilon – VW informed in a statement.
The transaction includes the production facilities in Kaluga, the activity of distribution and following-sales services, financial and logistics services, with all employees, stated the German auto group, which did not give details on the value of the transaction.
Sources who wished to remain anonymous evaluated the transaction at 125 million euros.
The VW plant in the Kaluga region, south of Moscow, has a capacity of 225,000 vehicles per year, and more than 4,000 employees.
Shortly following the invasion of Ukraine, in February 2022, Volkswagen suspended car production in Russia.
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