Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling Back
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackVW's Skoda in final stages of deal to sell Russian assets, says CEO. According to the annual report - Škoda Auto a.s. acquired shares in the amount of €67 million in Scania Leasing, limited liability company under Russian law based in Moscow, Russian Federation, Scania Finance, limited liability company under Russian law based in Moscow, Russian Federation and Scania Insurance, limited liability company under Russian law based in Moscow, Russian Federation, through purchase from SCANIA CV AKTIEBOLAG and became a shareholder in the above companies. The Company’s interest in each of these companies was 16.8%. Shares, which Škoda Auto a.s. acquired in the above-mentioned companies, were contributed to OOO Volkswagen Group Rus on 22 February 2023 that was sold in May 2023.
Halted production and promised to stop exports. But official dealers are still active and selling cars. Website in Russia https://www.skoda-avto.ru/ is active for Russian IP addresses and it says that "ŠKODA brand website is currently not available outside Russian Federation." if to use VPN. OFAC has removed Skoda from the Sectoral Sanctions Identifications List.