Skoda Auto plans to exit Russian market and sell assets, facing major losses, 20 March 2023

Skoda Auto, a unit of Germany's Volkswagen, is reportedly close to finalizing a deal to sell its assets and exit the Russian market, according to the company's CEO Klaus Zellmer. The decision comes as Skoda has taken a hit of almost €700 million (USD742 million) due to disruptions in logistics chains caused by Western sanctions and the suspension of exports of cars and spare parts to Russia...

Zellmer explained that the Volkswagen Group has analyzed various scenarios for the future of its business options in Russia, and the preferred option is to sell the assets of Volkswagen Group Russia to a third party. He declined to provide details on the deal until all parties have agreed, but noted that talks on the sale were in the final stages...