Volkswagen hopes to finalise sales process for Russia plant soon

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Volkswagen hopes to finalise sales process for Russia plant soon - brand chief

Stock Markets Mar 15, 2023 09:00AM ET

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© Reuters. FILE PHOTO: The logo of carmaker Volkswagen Commercial Vehicles is pictured at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, REUTERS/Fabian Bimmer/File Photo

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(Reuters) - Volkswagen (ETR:VOWG_p) brand chief Thomas Schaefer said the carmaker hoped to finalise the sales process for its plant in Kaluga, Russia soon, though he did not give a specific timeframe.

"The sales process is not finalised," Schaefer said at the car brand's annual press conference. "But it is known that we are making efforts to close the sale relatively quickly," he added.

Volkswagen opened the Kaluga factory, which has a capacity of 225,000 vehicles a year, in 2007. The plant has been furloughed since March 2022, when sanctions imposed by Western countries over the conflict in Ukraine saw supply chains break down.

Moscow-based RBC daily reported in early March that autodealer group Avilon was set to buy the factory. A spokesperson said at the time a final decision had not yet been made.

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