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Court Freezes Volkswagen Assets In Russia: Report – Volkswagen (OTC:VWAGY) – Stocks to Watch
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Court Freezes Volkswagen Assets In Russia: Report – Volkswagen (OTC:VWAGY)

ByShivani Kumaresan

Mar 20, 2023
Court Freezes Volkswagen Assets In Russia: Report - Volkswagen (OTC:VWAGY)

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  • A court in Russia has reportedly frozen all of the assets of Volkswagen AG (OTC: VWAGY) in the country.

  • The development comes after auto manufacturer GAZ, which had the contract to produce Volkswagen vehicles at its factory in Nizhny Novgorod, sued the German carmaker for breach of contract, reported Reuters.

  • Volkswagen terminated the agreement after foreign carmakers halted their Russian operations in response to Moscow’s invasion of Ukraine.

  • Also Read: Volkswagen Picks Ontario, Canada For Its First Overseas Battery Cell Plant

  • GAZ said it estimated a loss of 16 billion roubles ($207.79 million) from the winding up of the contract.

  • Volkswagen has been trying to sell its Russian factory in Kaluga, south of Moscow.

  • The plant, which has been furloughed since March 2022, has a total capacity of 225,000 vehicles a year.

  • Also Read: Volkswagen Plans To Build Own US Plant For Scout Brand

  • Price Action: VWAGY shares closed lower by 3.80% at $16.32 on Friday.

  • Photo Via Company

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Image and article originally from www.benzinga.com. Read the original article here.

Shivani Kumaresan

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