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Volkswagen finalizes sale of Kaluga facility in Russia

Volkswagen AG said on Friday that it had finalized the sale of its Kaluga production facility in Russia along with its local subsidiaries.

The deal encompasses the production facilities in Kaluga, the importer structure consisting of distribution and after-sales business along with the warehousing and financial services activities with all the staff.

The German group has sold its shares in Volkswagen Group Rus LLC to Art-Finance LLC, it said in a statement.

According to Reuters, citing a knowledgeable source, the deal has been estimated at EUR 125 million.

The German auto maker did not disclose any financial details.

The shares of Volkswagen AG (VOWG) closed 0.43% (EUR 0.65) lower at EUR 149.10 on Xetra on Friday, while snapping a two-day streak of gains.

The auto maker’s total market cap now stands at EUR 69.064 billion.

The shares of Volkswagen AG went down 42.86% in 2022, compared with an 8.79% loss for the DAX Automobile (CXPAX) Index.

The company’s shares have risen 0.98% so far this year.

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