19 May 2023 12:35

Volkswagen announces sale of Russian assets to entity of Avilon auto dealer

MOSCOW. May 19 (Interfax) - Volkswagen has sold its Russian assets to Art-Finance LLC, an entity of the Avilon dealership holding, the German automaker's press service said in a statement.

Volkswagen has completed the sale of shares in the Russian representative office of Volkswagen Group Rus LLC, including the local subsidiaries of Volkswagen Components and Service LLC, Scania Leasing LLC, Scania Finance LLC, and Scania Insurance LLC.

The Russian government authorities have approved the deal, whose parameters included VW's production facilities in Kaluga; the importer's infrastructure, including distribution and after-sales service; as well as warehousing and financial services.

According to the Unified State Registry of Legal Entities (USRLE), Art-Finance LLC was registered in Moscow in mid-February.