Volkswagen Group sold its assets to Russian Avilon

Volkswagen sold its stake in Volkswagen Group Rus to the Russian legal entity LLC Art-Finance, which owns the dealer “Avilon“. This is stated in statement company, published on the official website.

According to the automobile concern, the deal has already been approved by the Russian government. The deal includes production facilities located in Kaluga and the structure of the importer.

“We need to create good, competitive returns in times of crisis and in an ever-changing world,” said Volkswagen CEO Thomas Schäfer. The company was supposed to achieve a profitability of 6.5%, but managed to achieve only 3% in the first quarter of 2023.

The new owner, the Avilon dealer, is acquiring all shares in Volkswagen Group Rus LLC and Volkswagen’s Russian subsidiaries. Among them are Volkswagen KS LLC, Scania Leasing LLC, Scania Finance LLC and Scania Insurance LLC.