Jaguar Land Rover has sold its Russian assets

The Russian branch of the British automotive group Jaguar Land Rover has been acquired by a group of local top managers in Russia.

Source: DW, citing the data of the Uniform State Register of Legal Entities of the Russian Federation

Details: VSKD Motors LLC, registered in Moscow at the end of 2022, became the owner of 100% of the representative office's shares.

Jaguar Land Rover was established in Moscow in 2008. However, in early 2022, following the onset of the Russian war in Ukraine, Jaguar Land Rover halted deliveries to Russia. As a result, the company's revenue plummeted from RUB 7.5 billion (roughly US$76 million) to just RUB 1.5 billion (roughly US$15 million) in 2023. 

The net loss for Jaguar Land Rover exceeded RUB 1 billion in 2022 and reached RUB 560 million in 2023, as reported by the Russian agency Interfax. 

The British Jaguar Land Rover is owned by the Indian Tata Group.

Background: The automotive conglomerate Tata Group, owner of the Jaguar Land Rover brand, confirmed plans to build a battery manufacturing factory for electric vehicles in the UK.

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