Volkswagen truck units selling Russia business activities

BERLIN (AP) — Volkswagen truck subsidiary Traton says two of its units are selling their business activities in Russia. Tranton said on Tuesday that the transactions are expected to lead to a loss of up to 550 million euros (dollars). The company says MAN Truck & Bus and Scania “are disposing their sales companies in the Russian Federation to local sales partners.” It didn’t identify the Russian partners. Traton says Scania also is disposing of its Russian financing business. The transactions still need approval from the Traton and Volkswagen supervisory boards, as well as various Russian regulatory authorities. Traton says they are expected to be completed by next year’s first quarter.