(Finance) – Tratona subsidiary of the Group Volkswagen and one of the largest commercial vehicle manufacturers in the world, has announced that its divisions MAN Truck & Bus and Scania are by divesting their sales companies in the Russian Federation to local sales partners. In addition to that, Scania is divesting its Russian financing business.
Transactions still require approval of the supervisory boards of Tratone Volkswagen, as well as various regulatory authorities of the Russian Federation. They are expected to be completed by the first quarter of 2023.
Traton plans to accomplish a loss of up to 550 million eurosdepending on the development of the exchange rate of the Russian ruble with the euro.
Due to the direct impact of the war in Ukraine, in the first half of 2022 they were writedowns of assets and expenses have already been incurred additional for 113 million euros.