German automaker Volkswagen will complete the sale of three subsidiaries in Russia to local investors in the first half of this year. This is stated in the company’s annual report for 2022.
All companies belong to the financial services segment: Volkswagen Bank Rus LLC, Volkswagen Group Finants LLC and Volkswagen Financial Services Rus LLC.
*This material was created by a person who has the status of a foreign agent in the Russian Federation.
In December 2022, we agreed to sell the dealerships Porsche Russland LLC and Porsche Center Moscow LLC, Porsche Financial Services Russland LLC to an independent investor.
Volkswagen cannot exercise the right to buy back companies earlier than five and no later than ten years after the sale.
About activities in Russia
Since November 2007, the VW car group has been producing cars in the Kaluga region. And since 2011, under an agreement with GAZ on contract assembly – Volkswagen and Skoda cars at a plant in Nizhny Novgorod. On March 3, 2022, production at VW enterprises in Russia was discontinued.
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Source: TAS