Volkswagen has announced officially it has sold its shares in Russia and is leaving the country. The German brand has reached an agreement with Art-Finance LLC, which is supported financially by the local dealer Avilon. All of VW’s local subsidiaries – Volkswagen Components and Services LLC, Scania Leasing LLC, Scania Finance LLC, and Scania Insurance LLC – will be transferred to the investor.
The automaker has issued a short press release confirming the deal has been approved by the Russian government. There’s no word about the sales price in the statement, though reports claim Avilon paid around $135 million for VW’s Russian business. Probably Volkswagen's most important activity in the country – its production facility in Kaluga – is also part of the deal. The entire importer structure with distribution and sales business with associated employees is now owned by the local investor.
