According to a media report, the German automaker Volkswagen and the Japanese automaker Toyota did not leave an open door to return to Russia. Both transferred their Russian assets to Russian companies with no buy-back options. This was reported by the Russian state news agency RIA on Tuesday.
“The agreement to transfer assets to Toyota, like the agreement with Volkswagen, does not include an option to buy back production facilities,” RIA quoted Russian Deputy Prime Minister Denis Manturov as saying. Both the German and Japanese group stopped their business activities in Russia after the Russian attack on Ukraine.
According to Toyota, in March it transferred ownership of its St. Petersburg plant to the Russian state authority Nami. Russia’s Central Research and Development Institute of Automobiles and Engines has already taken over factories from Renault and Nissan. Details of the deal were not disclosed.
Volkswagen said in May, without giving details, that it had completed the sale of its Kaluga plant and local subsidiaries to the Russian auto trade group Avlon and a financial investor.
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