Porsche will sell its assets in Russia

Porsche AG will sell all of its Russian assets with a buyback option no earlier than five years. To whom exactly Porsche assets will be sold is not specified, Gazeta.Ru writes. The legal transfer of ownership requires the approval of the Russian government. The amount of the transaction is expected to be determined during the first quarter of 2023.

"In December 2022, Porsche AG agreed with an independent external investor to sell two Russian distribution companies, Porsche Russland LLC and Porsche Center Moscow LLC, as well as a Russian company in the financial services segment, Porsche Financial Services Russland LLC,” in accordance with the statement of Porsche AG financial report. The deal provides for a buyback option. This can happen no earlier than five years and no later than ten years after the sale. Recall that Porsche announced a halt in the supply of its cars to Russia in March 2022. At that time, Stuttgart brand was represented in our country by 26 dealerships in 20 cities. According to the results of 2022, 1.3 thousand Porsche cars were sold in Russia, which is 79% lower than a year ago, experts of the AUTOSTAT agency reported with reference to the data of JSC "PPK"*.

The most popular Porsche model in the Russian market last year was Cayenne sports utility vehicle with 414 vehicles (-80%). The second place went to Cayenne Coupe, which was chosen by 302 buyers (-79%). The third result was shown by the compact sport utility vehicle Macan – 294 sold cars (-79%). This is followed by the electric sports car Porsche Taycan, the sales of which were 157 units (-70%). Panamera still finishes the top five of Russian bestsellers Porsche, with 105 sold units (-75%). Among sports cars, the 911 model is the leader, its result was 45 sold cars (-88%).