Volkswagen Group is looking for an investor to take over its factory in Kaluga, southwest of Moscow, where production was halted soon after the Ukraine war began.
VW said it is looking at various scenarios for the future of its business in Russia and one option was to sell the assets to a third party. No decision has been made yet, VW told Automotive News Europe in a statement.
The potential sale was first reported by the German newspaper Frankfurter Allgemeine Zeitung.
The factory, in which VW has invested more than 1 billion euros, employs 4,200 people.
“With each stage of escalation, the probability that we will be able to produce there again in the foreseeable future decreases,” one unnamed plant manager told the FAZ.
VW Group’s supervisory board has come to the realization that, under the circumstances, a hard break is the only option.
“There is a clear will for us to withdraw completely from the country,” FAZ quoted an unnamed source close to the supervisory body as saying.