Czech carmaker Skoda Auto, a unit of German giant Volkswagen, said on Thursday it was close to reaching an agreement to sell its assets in Russia.
Skoda suspended production at its two Russian factories (Kaluga and Nizhny Novgorod) shortly after Russia invaded Ukraine in February 2022.
Skoda, which produced around 780,000 cars worldwide in 2022, was in charge of the group’s activities and financial management in Russia.
Loss of 700 million dollars in the country
“The Volkswagen Group has analyzed various scenarios for the future of our business in Russia,” Klaus Zellmer, Skoda’s chairman of the board, told reporters.
“The preferred option is to sell the assets of Volkswagen Group Russia… to a third party,” he added.
“We are close to finalizing the deal and we expect to close it fairly soon,” Klaus Zellmer said, adding that he could not go into details until the deal is signed.
Skoda said it lost nearly $700 million in revenue last year due to its withdrawal from Russia.
Source: BFM TV
