Wednesday, May 22, 2024

Russia wants millions in damages from Volvo

A number of Russian courts have made it more than difficult for Chinese-owned Volvo Cars to withdraw from the country. Now the Russians want millions in compensation.

Volvo Cars cannot withdraw from Russia.

At least not without having to pay for it, if you ask a number of Russian courts. The country's legal system believes that Volvo Cars owes the equivalent of DKK 44.6 million.

This is written by the Swedish media Expressen .

– The processes can drag on for several years.

READ ALSO: 100 newer electric cars have been scrapped in Denmark

– Swedish companies that find themselves in a process like this must not behave passively, but actively participate and oppose the proceedings in Russian courts, says Erik Forsin of the law firm Baker McKenzie to the media.

Kia and Hyundai have also ended up in similar problems because the car brands want to withdraw from Russia due to the country's invasion of Ukraine.

Volvo Cars has previously stated that it will leave Russia precisely because of that war. However, the car brand's owner – Chinese Geely – remains in Russia. In fact, nine out of ten new cars in Russia are already made either in China or in Russia under a Chinese license. Read more about it here.

Other Western car brands, like Volvo, have fled Russia. At Mercedes, for example, they have chosen to give up control of the truck brand Kamaz just to get out of the country.

And Renault already sold Lada back to the Russians in May 2022 for such a low amount that it can only be described as symbolic. Read more about it here .

Read more exciting news from and about the world of cars right here!

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