Volvo assets transferred to Russian investor
Work is underway to restart production in Kaluga with the involvement of a Russian partner, the Ministry of Industry and Trade reported
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The assets of the Swedish carmaker Volvo in Russia have been transferred to a local investor. About this to the correspondent Autonews.ru the press service of the Ministry of Industry and Trade reported. The ministry stressed that at the moment work is underway to restart production at the plant in Kaluga. A domestic partner will be involved in the project.
“The assets of the Volvo carmaker in Russia were transferred to a Russian investor. The Ministry of Industry and Trade of Russia, together with the new owner, has also identified a domestic partner for further development of production at the Kaluga site of the concern, work continues on its early restart,” the Ministry of Industry and Trade stressed.
The Volvo plant with a production capacity of 15 thousand units per year was opened in Kaluga in early 2009. Trucks were assembled at the site. At the end of February 2022, the Swedish manufacturer decided to suspend the production of cars.
In October 2022, it was reported that the Volvo Group is considering the possibility of a full or partial sale of the business in Russia. Then the representative of the Swedish company noted that Volvo plans to adapt the business to the Russian market and start reducing the number of employees.
