Russia exit costs EU automaker almost $700 million ...News

Skoda is now in the final stages of talks over an asset sale, the company’s CEO says Czech carmaker Skoda Auto, a unit of Germany’s Volkswagen, is closing in on a deal to sell its assets and exit Russia, the company’s CEO Klaus Zellmer announced this week. Skoda has taken a hit of almost €700 million ($742 million) from exiting its second largest market due to disruptions in logistics chains caused by Western sanctions. Exports of cars and spare parts to Russia have also been stopped. “The Volkswagen Group has analyzed various scenarios for the future of our business options in Russia,” Zellmer told reporters, add

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