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Volvo's assets handed to Russian investor — Industry and Trade Ministry

The Russian Ministry of Industry and Trade, in collaboration with the new owner, has found a local partner for the continued expansion of production at the concern's Kaluga facility, and work is underway to restart it as soon as feasible, the statement says

MOSCOW, September 8. /TASS/. Volvo's assets in Russia have been transferred to a Russian investor, and work is underway to restart production in Kaluga with the participation of a local partner, the Russian Ministry of Industry and Trade told TASS.

"Volvo’s assets in Russia have been transferred to a Russian investor. The Russian Ministry of Industry and Trade, in collaboration with the new owner, has also found a local partner for the continued expansion of production at the concern's Kaluga facility, and work is underway to restart it as soon as feasible," the ministry’s press service said.

Swedish newspaper Dagens Industri reported in February 2023 that Volvo was temporarily halting production and sales of cars in Russia. According to Volvo Car Russia, new imports of Volvo car into Russia have been halted, although the company will continue to provide warranty service.

The Volvo Group facility in Kaluga first opened its doors in January 2009. The plant's design capacity is 15,000 vehicles per year. Products manufactured at the Volvo plant in Kaluga are recognized as local and are included in the approved list of vehicles and municipal equipment for purchase by the Russian regions using subsidies, according to an order issued by the Russian Ministry of Industry and Trade.