Volkswagen completes sale of Kaluga plant in Russia

BE desk

Updated on:

BERLIN — Volkswagen Staff has finished the sale of its Kaluga manufacturing plant in Russia and its native subsidiaries, the automaker mentioned on Friday, finishing months of wrangling with Russian government over the trade in.

VW has offered its stocks in Volkswagen Staff Rus LLC to Artwork-Finance LLC, which is supported via auto broker workforce Avilon, VW mentioned in a observation.

The transaction contains the VW’s manufacturing amenities in Kaluga, its importer construction comprising the distribution and aftersales devices and its warehousing and monetary products and services actions, the observation added.

Disagree main points got at the value. In step with a supply ordinary with the topic, the trade in is valued at 125 million euros ($138 million).

Paintings on the plant in Kaluga, south of Moscow, has been furloughed since March 2022 because of Russia’s invasion of Ukraine, which triggered Western international locations to sanction Moscow well-known to a breakdown in provide chains.

The manufacturing facility has a manufacturing capability of 225,000 cars a future and hired greater than 4,000 population.

On this episode of Quick Charge, Hyundai continues to invest in new electric vehicles, this…

Shell has deployed a self-developed megawatt charger for dual use by both electric trucks and…

Photo: Recurrent Energy Recurrent Energy has secured $513 million in financing for Arizona’s largest standalone…