Man truck and bus maker transfers Russian assets to local dealer

MOSCOW. Dec 14 (Interfax) - Truck and bus manufacturer Man, part of Volkswagen's Traton Group, has transferred the assets of its Russian subsidiary Man Truck and Bus Rus LLC to a local dealer of the brand, according to the Unified State Register of Legal Entities.

Man Truck Chelny LLC, registered in Tatarstan and the brand's official dealer of the brand in Kazan and Naberezhnye Chelny, received control of 100% of the Russian representative office of Man. According to the register, 100% of Man's Russian subsidiary are pledged with foreign legal entities of the Traton SE group.

Transactions to sell the Russian assets of Scania and Man, as well as those of carmaker Porsche are expected to be completed within 12 months, VW said at the end of October. Due to these planned transactions, assets totaling 543 million euros and liabilities of 206 million euros were classified as held for sale as of September 30, VW said in reporting.

Traton said in mid-September that Man and Scania would sell their dealership business in Russia to local partners. Traton said it expected to report a loss of up to 550 million euros as a result of the transactions.

Scania and Man are major players on the Russian commercial vehicle market. Together they sold more than mid-size and large trucks in Russia in 2021 and had a combined market share of more than 12%, Avtostat Info reported.