Porsche Explains Reason of Staying in Russia
(MENAFN) Luxury German automobile manufacturer Porsche has not been able to fully leave the Russian market, as it has yet to find buyers for its local holdings, the firm informed Russian financial publication RBK on Monday.
The elite vehicle brand had declared its intent to pull out of Russia soon after the Ukraine conflict intensified in February 2022.
Porsche was among a broad group of global enterprises — including Apple, IKEA, Microsoft, IBM, Shell, McDonald’s, and H&M — that paused operations in Russia in response to mounting global scrutiny and the threat of sanctions.
“Porsche AG still has three Russian subsidiaries — Porsche Russia, Porsche Center Moscow, and PFS Russia,” stated Matthias Rauter, Head of Corporate Communications at Porsche AG, during the interview. “All attempts to sell these companies have so far been unsuccessful.”
Porsche, a subsidiary of the larger German carmaker Volkswagen AG, stopped delivering vehicles to the Russian market in March 2022, only a few weeks after the conflict escalated.
At the time, the company committed to upholding all service guarantees for its clientele.
“With the extensive interruption of its business activities in Russia, Porsche is basing its decisions on the overall situation, which is characterized by great uncertainty and the current upheavals,” the company had declared in a prior announcement.
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