Porsche AG will sell all its assets in Russia with the option to buy back after five years at the latest. This is stated in the annual report of the company reviewed by socialbites.ca. Thus, the German sports car manufacturer will leave the Russian market until at least 2028.
“In December 2022, Porsche AG agreed with an independent foreign investor to sell two Russian distribution companies, Porsche Russland LLC and Porsche Center Moscow LLC, as well as Porsche Financial Services Russland LLC, a Russian company in the financial services segment.” reader. report
The company announced that the deal includes a buyback option. This can happen no later than five years from the sale and ten years at the latest.
Exactly to whom the Porsche assets will be sold was not specified. The automaker said the legal transfer of ownership requires the approval of the Russian authorities. The transaction amount is expected to be determined in the first quarter of 2023.
Porsche announced About the suspension of car deliveries to Russia on March 4, 2022. At that time, the brand was represented in the Russian Federation by 26 dealers in 20 cities. In total, about 6.3 thousand vehicles were delivered to the Russian Federation in 2021. The most popular model was the Cayenne crossover (3.43 thousand units) with a 54% market share. The crossover Macan took second place (1.41 thousand units; approximately 22% share). In addition, 375 911 sports cars were delivered to customers.