German carmaker Volkswagen could sell its factories in the Russian Federation, including the engine assembly plant. The intended buyer is the Austrian company Steyr Automotive.
Today Steyr Automotive is owned by Siegfried Wolff, former CEO of Magna. According to NewEurope, Volkswagen AG plans to once again produce cars in Russia, but under a different brand.
With the help of such a move, the automaker wants to avoid the negative consequences of the pressure of sanctions and have a better opportunity to resume the supply of auto parts and components to the Russian Federation.
The release of the cars with the new brand, built on the platforms of Skoda and Volkswagen, can be resumed under the control of the GAZ group, owned by Oleg Deripaska.
From 2010 to 2019, Siegfried Wolf himself was chairman of the board of directors of the GAZ group and owned shares in a Russian company. There is still no official information on a possible partnership between Volkswagen and Steyr Automotive.
For Volkswagen, however, such a deal would be quite profitable. It will allow the automaker to profit from its Russian businesses. Recall that not long ago it was rumored that Volkswagen wanted to sell its Russian factories to Asia Auto from Kazakhstan, but the plans of the saga apparently have changed.
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Assessment 3.8 from 21 voice.
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