The Ministry of Industry and Trade announced the transfer of Volvo assets in the Russian Federation to a local investor

“The assets of the car manufacturer Volvo in Russia were transferred to a Russian investor. “The Russian Ministry of Industry and Trade, together with the new owner, has also identified a domestic partner to further develop production at the consortium’s Kaluga plant and work is continuing to restart it as soon as possible,” the department reported.

Previously Interfax reported that several subsidiaries of the Swedish carmaker in Russia, including a truck production plant in Kaluga, were under the operational control of businessman Igor Kim.

According to the Unified State Register of Legal Entities, Kim’s business partner in automobile retail and first vice-chairman of the board of directors of Expobank, owned by businessman Alexey Sannikov, has been appointed general director of the Volvo Trucks plant. AB Volvo (75%) and Volvo Trucks Region CE Gmbh (25%) remain co-owners of the company.

The leasing company Volvo AB was run the day before by another of Kim’s partners, the investment banker and co-founder of the ExpoCapital fund, Nikita Ryauzov. Under his leadership was also Stokov Finance LLC, controlled by this company. The latter is still controlled by the Swedish consortium structures: VFS International AB (99.88%) and Volvo Financial Services GmbH (0.11%).

• In July 2022, Volvo Group decided to reduce its workforce in Russia. More than 1,270 people worked in local units.
• The fact that Volvo Group is considering selling its business in Russia became known in October 2022. It was reported that the manufacturer’s assets could be valued at 60 million euros. Volvo’s share of total truck sales in the country at the end of 2021 was 8.5%. In July Volvo Group