Volkswagen has completed the sale of its Kaluga plant in Russia and its local subsidiaries, the German carmaker announced on Thursday after months of wrangling with Moscow authorities over the deal, Reuters reported, citing Agerpres.
Volkswagen sold its stake in Volkswagen Group Rus LLC to Art-Finance LLC, which is backed by local car dealer Avilon, VW said in a statement.
The deal includes production facilities in Kaluga, distribution and after-sales activities, finance and logistics services with all employees, the German auto group said, without providing details on the value of the deal.
The sources, who wished to remain anonymous, estimated the deal at 125 million euros.
The VW plant in the Kaluga region, south of Moscow, has a capacity of 225,000 vehicles a year and employs more than 4,000 people.
Shortly after the invasion of Ukraine, in February 2022, Volkswagen suspended the production of cars in Russia.
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Source: Hot News
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