Русский
The assets of the British-based auto group Jaguar Land Rover (JLR)’s Russian subsidiary, Jaguar Land Rover LLC, have been acquired by a company belonging to its senior Russian managers, according to information in the Russian Unified State Register of Legal Entities.
The deal was closed on October 31. VSKD Motors LLC, registered in Moscow at the end of 2022, now owns 100% of JLR’s subsidiary, which previously belonged to the British company Jaguar Land Rover Plc. VSKD CEO Vyacheslav Kuzyakov, head of business development Dmitry Ovcharov, after-sales service department head Sergei Skorobogatko, and financial and administrative director Yekaterina Shatalova, who have worked for JLR’s Russian subsidiary since the mid-2010s, have now become the co-owners with 25% stakes each.
Jaguar Land Rover LLC was founded in Moscow in 2008. The company imported, sold, and provided after-sales services for premium Land Rover SUVs and Jaguar cars.
The company’s revenue on the Russian market peaked at more than ₽60 billion (US$613 million) in 2014, when it sold around 23,000 vehicles, including 21,100 Land Rovers and 1,600 Jaguars, according to data from the Association of European Businesses. Revenue fluctuated around the figure of ₽50 billion in subsequent years, apart from a small fall due to the coronavirus pandemic in 2020.
JLR announced it was suspending exports to Russia at the start of 2022. Revenue immediately fell to ₽7.5 billion (US$76.6 million) by the end of that year. Revenue further deteriorated to just ₽1.5 billion (US$15.3 million) in 2023.
The British Jaguar-Land Rover company ultimately belongs to India’s Tata Group. The Russian management will be looking to rebuild the brand’s appeal in Russia.
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