Skoda, a multinational automaker, is reportedly on the cusp of sealing a deal to dispose of its Russian assets in the wake of the Ukraine invasion.
The Czech-based company, which has been in business since 1895, is said to be in the advanced stages of negotiations to divest itself of its Russian operations, a move that appears to be largely motivated by the ongoing conflict in Ukraine.
Skoda, whose vehicles are sold in more than 100 countries, has a significant presence in Russia, where it has a number of factories and dealerships.
The automaker’s decision to sell its Russian assets is seen as a direct response to the invasion of Ukraine by Russian forces in 2014.
The conflict, which is ongoing, has had a devastating effect on the Russian economy and has led to increasing international isolation for the country.
Skoda’s decision to divest itself of its Russian assets is likely to be seen as a signal of support for the Ukrainian people, who have suffered greatly in the conflict.
The company has yet to officially confirm the sale, but sources close to the negotiations have indicated that a deal is close to being finalized.
The sale, if it goes through, will represent a major shift in Skoda’s business operations and could have a significant impact on its presence in the Russian market.
It remains to be seen how Skoda’s decision to divest itself of its Russian assets will be received by Russian consumers, but it is likely that the move will be met with some disapproval.