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Volkswagen AG Is Ready To Abandon Partnership With GAZ

Volkswagen AG Is Ready To Abandon Partnership With GAZ
Volkswagen AG Is Ready To Abandon Partnership With GAZ

Video: Volkswagen AG Is Ready To Abandon Partnership With GAZ

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The German concern Volkswagen AG is ready to end cooperation with the Gorky Automobile Plant. The reason may be the entry into force of sanctions by the United States, reports Finmarket.

The company came under sanctions, which in April 2018 were imposed on its owner, Oleg Deripaska. The restrictions did not come into force due to a delay by the US Treasury Department - OFAC (Office of Foreign Assets Control). The announced deadline for making a decision is November 6.

However, another German concern, Daimler AG, has suspended cooperation with GAZ pending a decision. Volkswagen Group also warned the partner that if the sanctions come into force, the joint activities will cease. At the same time, in June 2017, the manufacturers signed an agreement to expand production of Skod and Volkswagen vehicles, and it is valid until 2025. Now SkodKodiaq and Octavia are produced at the facilities of GAZ.

It is known that by the fall of 2019, the GAZ group had no debts to Western banks, but the "debt to the Russian state" reached 1.4 billion rubles. If the sanctions take effect, the company will have to cut some of its staff.

Nevertheless, according to the report of the Association of European Businesses, in August 2019, GAZ dealers sold 5.3 thousand new light commercial vehicles - 6% more than a year ago. But for 8 months, the company's sales fell slightly: 36.4 thousand cars and minus 2 percent.

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