SniperFx

Archives

  • March 2023
  • February 2023
  • January 2023
  • September 2022
  • August 2022
  • January 2022
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019

Categories

  • Analysis
  • Bonds
  • COVID
  • Crypto
  • Forex
  • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • Uncategorized
  • World
  • Home
  • Forex
  • Crypto
  • Contact
0 Likes
0 Followers
0 Followers
Subscribe
SniperFx
SniperFx
  • Bonds
  • Crypto
  • COVID
  • Forex
    • Forex Trading
  • Ideas
  • Investing
  • Stocks
  • World

VW’s Skoda in final stages of exit from Russia

  • admin
  • March 16, 2023
  • 1 minute read
Total
0
Shares
0
0
0

Czech carmaker Skoda Auto, part of the Volkswagen (ETR:VOWG_p) Group, is in the final stages of quitting Russia after taking an almost 700 million euros ($742 million) hit from the impact of Moscow’s war in Ukraine, its CEO said on Thursday.

Skoda, the leader of a Czech car sector that is the backbone of the country’s industrial output, has seen its Russian operation hit hard by the disruptions caused by the war and by Western sanctions imposed on Russia.

The carmaker said on Thursday its net profit dropped 11.7% to 489 million euros in 2022, affected also by a steep rise in material prices and global supply chain bottlenecks.

Skoda’s deliveries in Russia plummeted to 18,300 cars in 2022 from 90,400 in 2021, when the country was Skoda’s second-largest market.

“The talks (on the sale) are in the final stages, but I can’t give you details until they are agreed by all parties,” Chief Executive Klaus Zellmer told an annual press conference streamed online.

He said Skoda aimed to replace lost Russian production at its other plants around the globe.

Volkswagen brand chief executive Thomas Schaefer made similar comments on Thursday.

On prospects for this year, Skoda board member for sales, Martin Jahn, said production and sales should exceed last year, when global deliveries dropped to 731,300 cars.

This should be helped in part by Skoda’s upcoming entry into the Vietnamese market, where it will start selling its cars in the second quarter. Jahn estimated the initial potential at 30,000 cars.

Skoda will also take over strategic management of Volkswagen’s expansion in South East Asia.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
admin

Previous Article

USDCAD trades with modest losses below mid-1.3700s, downside seems cushioned

  • admin
  • March 16, 2023
View Post
Next Article

Netanyahu visits Berlin for talks as crisis festers back home

  • admin
  • March 16, 2023
View Post
You May Also Like
View Post
  • Stocks

Britain’s John Lewis has lost its soul, says Mary Portas

  • admin
  • March 25, 2023
View Post
  • Stocks

Citigroup CEO declares ‘this is not a credit crisis’ after U.S. bank failures

  • admin
  • March 23, 2023
View Post
  • Stocks

First Republic Bank shares climb amid report of possible government backstop

  • admin
  • March 22, 2023
View Post
  • Stocks

EU court rules Mercedes must pay damages in diesel lawsuit

  • admin
  • March 21, 2023
View Post
  • Stocks

European stocks lower; banking sector slumps after Swiss consolidation

  • admin
  • March 20, 2023
View Post
  • Stocks

Beijing may allow foreign financial firms to list in China – ex-finance minister

  • admin
  • March 18, 2023
View Post
  • Stocks

Mazda to appoint former North America head Moro as next CEO

  • admin
  • March 17, 2023
View Post
  • Stocks

FTX transferred $2.2 billion to Bankman-Fried via related entities, new managers say

  • admin
  • March 16, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Trump warns of ‘death & destruction’ if charged with a crime
  • Britain’s John Lewis has lost its soul, says Mary Portas
  • Dan Gambardello: ADA Could Spike as Cardano Hits 4M Wallets
  • USDCAD Potential downsides
  • AUDUSD drops to over one-week low, below mid-0.6600s amid broad-based USD strength

Recent Comments

No comments to show.
Featured Posts
  • 1
    Trump warns of ‘death & destruction’ if charged with a crime
    • March 25, 2023
  • 2
    Britain’s John Lewis has lost its soul, says Mary Portas
    • March 25, 2023
  • 3
    Dan Gambardello: ADA Could Spike as Cardano Hits 4M Wallets
    • March 25, 2023
  • 4
    USDCAD Potential downsides
    • March 25, 2023
  • 5
    AUDUSD drops to over one-week low, below mid-0.6600s amid broad-based USD strength
    • March 25, 2023
Recent Posts
  • EURUSD Seen at 1.05 in three months – Rabobank
    • March 25, 2023
  • NFT investor accidentally burns $135K CryptoPunk trying to borrow money
    • March 25, 2023
  • N.B. to end COVID-19 PCR testing for most people April 1, memo reveals
    • March 25, 2023
Categories
  • Analysis (8)
  • Bonds (47)
  • COVID (73)
  • Crypto (65)
  • Forex (81)
  • Forex Trading (46)
  • Ideas (46)
  • Investing (46)
  • Stocks (89)
  • Uncategorized (40)
  • World (195)
SniperFx
  • Home
  • Forex
  • Crypto
  • Contact
Forex & Crypto Updates

Input your search keywords and press Enter.