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under Russian Accounting Standards (RAS), the company said in a report on Friday. Revenue soared by around 23.6% to 2.333 trillion rubles. The gross profit soared by around 29% to 679.125bn rubles. The value of the company’s liquid assets rose to 4.288 trillion rubles as of the end of December from 4.127 trillion rubles as of the end of 2021.
9.2.2 Automotive corporate news
The Russian assets of Volkswagen, which include a manufacturing plant in Kaluga, have been sold to an affiliate of Avilon, according to Deputy Industry and Trade Minister Albert Karimov. Notably, this deal does not include a buyback option. The specifics of the deal, such as the amount and terms, were not disclosed by Volkswagen when they announced the agreement at the end of May. The assets were purchased by Art-Finance, an entity affiliated with Andrei Pavlovich, the President of Avilon, a prominent automotive dealer. The sale of Volkswagen's Russian assets marks a significant shift in ownership and underscores the evolving dynamics within the automotive industry. The Kaluga plant has been a key manufacturing facility for Volkswagen in Russia, producing a range of vehicles to cater to the domestic market.
Russian assets of Japanese carmaker Toyota including a plant in St. Petersburg have been sold to the state-controlled NAMI institute without a buy-back option, Deputy Prime Minister and Head of Ministry of Industry and Trade Denis Manturov told RIA Novosti in an interview ahead of St. Petersburg International Economic Forum (SPIEF).
VKO Almaz-Antey holding plans to make Class B+ electric cars and light commercial vehicles on a single E-Neva platform at the ex-Toyota plant in St. Petersburg, Governor Alexander Beglov told TASS in an interview. "A crossover is just one of several variants from a broad model line anticipated to be created on an integrated platform. The holding has plans to make a Class B+ city electric car, a light commercial vehicle and hybrids using natural gas or hydrogen," the Governor said.
The sales of Lada cars, produced by Russia's largest carmaker AvtoVAZ, experienced significant growth, quadrupling in comparison to the previous year. However, there was a decline of 15% in sales for the month of May, reaching a total of 23,904 vehicles. CEO Maxim Sokolov provided these figures during a press conference on June 2. Despite the month-on-month decrease, Sokolov emphasized that the sales result exceeded the company's initial expectations. This positive outcome reflects the continued popularity and demand for Lada cars among consumers in the Russian market. In terms of car production, AvtoVAZ manufactured approximately 21,500 vehicles in May. It is important to note that this number takes into account the corporate holidays that the company observed during the month. The production figures
149 RUSSIA Country Report July 2023 www.intellinews.com