Volvo left the Russian market forever
- September 26, 2023
- 0
Volvo left Russia forever – the deal to transfer the Swedish carmaker’s assets to Russian investors did not include a buyback option. Now the entire local Volvo company
Volvo left Russia forever – the deal to transfer the Swedish carmaker’s assets to Russian investors did not include a buyback option. Now the entire local Volvo company remains with the Russian buyer.
As TASS reports, on the sidelines of the international industrial exhibition Innoprom Kazakhstan, Deputy Prime Minister and Head of the Ministry of Industry and Trade Denis Manturov said that the sale of Volvo assets took place without the possibility of buyback. “Volvo – not an option,” he said. The Swedish brand’s Russian activities were transferred to a Russian investor in September this year.
According to Interfax, the new owner of the assets was an entrepreneur from Novosibirsk Igor Kim, who, together with a production site for the production of trucks in Kaluga, acquired a leasing and financial enterprise. The deal was also confirmed by the Ministry of Industry and Trade, noting that work is already underway on the “rapid restart” of the conveyor belt. It is still unknown who will help resume production; it only notes that it will be a domestic company.
The Volvo Trucks plant has already changed its legal entity from JSC Volvo Vostok to JSC Stokov Machinery Equipment – all truck warranty service obligations have been transferred to it. Volvo Trucks’ plant in Kaluga, opened in 2009, has been idle since spring 2022, ever since sanctions were actively introduced against Russia.
As TASS reports, on the sidelines of the international industrial exhibition Innoprom Kazakhstan, Deputy Prime Minister and Head of the Ministry of Industry and Trade Denis Manturov said that the sale of Volvo assets took place without the possibility of buyback. “Volvo – not an option,” he said. The Swedish brand’s Russian activities were transferred to a Russian investor in September this year.
According to Interfax, the new owner of the assets was an entrepreneur from Novosibirsk Igor Kim, who, together with a production site for the production of trucks in Kaluga, acquired a leasing and financial enterprise. The deal was also confirmed by the Ministry of Industry and Trade, noting that work is already underway on the “rapid restart” of the conveyor belt. It is still unknown who will help resume production; it only notes that it will be a domestic company.
The Volvo Trucks plant has already changed its legal entity from JSC Volvo Vostok to JSC Stokov Machinery Equipment – all truck warranty service obligations have been transferred to it. Volvo Trucks’ plant in Kaluga, opened in 2009, has been idle since spring 2022, ever since sanctions were actively introduced against Russia.
Source: Avto Vzglyad
Donald Salinas is an experienced automobile journalist and writer for Div Bracket. He brings his readers the latest news and developments from the world of automobiles, offering a unique and knowledgeable perspective on the latest trends and innovations in the automotive industry.
