Toyota and Volkswagen Group transferred their Russian assets to Russian entities without a buyback option, Russia’s RIA state news agency reported.
“The Toyota asset transfer deal, just like the Volkswagen deal, does not include an option to buy back production sites,” RIA quoted Russia’s Deputy Prime Minister Denis Manturov as saying during an interview.
Russia and Toyota said in March that the Japanese automaker transferred the ownership of its St. Petersburg factory building, equipment and land to the Russian state entity NAMI, without disclosing any details of the transaction.
NAMI, Russia’s Central Automobile and Engine Research and Development Institute, has already taken plants from Renault and Nissan.
VW said in May, without giving details, that it had completed the sale of its Kaluga plant in Russia and its local subsidiaries to a Russian autodealer group Avilon and a financial investor.