According to Kommersant, Vadim Shvetsov left the automotive business - Sollers Auto was sold to a company founded by the top management of the auto concern. The source of the publication explains Shvetsov's decision by the need to change the strategy of the concern, which focused on joint ventures with foreign players, which is irrelevant in the current Russian realities.
Vadim Shvetsov's Sollers Group sold its 76.7% stake in Sollers Auto to Alter Invest, a company founded by the concern's management. Alter Invest LLC was registered on June 17, 39.5% belongs to the head of UAZ and Sollers Ford Adil Shirinov, another 35.5% belongs to the general director of Sollers Auto and Sollers Group Nikolai Sobolev, 20% belongs to the deputy general director of Sollers Avto" Zoya Kaiki, 5% - from the Deputy General Director for Legal Affairs of "Sollers Auto" Viktor Khvesen. Vadim Shvetsov has owned Sollers since 2007. According to the source, the deal was closed on June 24 and was cash, based on the market valuation of the assets. Officially, the company does not comment on the sale, but based on the capitalization of Sollers Auto, 5.8 billion rubles. (as of June 24 on the Moscow Exchange), the cost of Vadim Shvetsov's stake was 4.5 billion rubles.
The main asset of Sollers Auto is the Ulyanovsk Automobile Plant. At the end of 2021, the company announced the completion of the reorganization of UAZ, which analysts associated with possible preparations for a partnership with another manufacturer - among the candidates, officials called the Chinese Chery. However, on June 3, the EU imposed sanctions on the plant, referring to the supply of UAZ "Patriot" for the needs of the army. Unlike US sanctions, these restrictions are not extraterritorial, but will affect at least relations with European suppliers. In addition to UAZ, Sollers Auto has a Ford joint venture, which assembled the Ford Transit, as well as a joint venture between Isuzu and Mazda, and the Zavolzhsky Motor Plant.
Sanctions do not directly affect all foreign partners, but they have already suspended their activities in the Russian Federation, including due to problems with logistics, components, and their own attitude towards military operations in Ukraine.
According to a source, Vadim Shvetsov gradually reduced his involvement in the management of Sollers Auto after leaving the post of CEO in 2019, which he had held since the founding of the concern: “He did not take part in industry meetings, concentrating on other divisions of Sollers Group, in including logistics, and new projects — like electric carsharing with RusHydro.”
In addition, the business vision of Sollers Auto in recent years was based on the creation of joint ventures, the source emphasizes, which is now no longer relevant: “We need a change in strategy, and this will take time and effort.” The decision is not related to possible sanctions against the owner, says the interlocutor of Kommersant.
The new owners will develop assets, but instead of a joint venture, they are considering other options for interaction, including with Chinese automakers, and work on mobility services will also continue, the source said.
Auto market expert Vladimir Bespalov believes that the deal reduces the risks for the logistics business of Sollers Group and Vadim Shvetsov personally. For Sollers Auto, the issue of strategy is now the most relevant, because the problem of updating the UAZ model range remains acute, emphasizes Vladimir Bespalov. At the same time, he believes that the business of the joint venture with Ford and Mazda, obviously, “will be put on hold for some time,” as it is necessary to resolve the technical and legal issues that have arisen due to sanctions.
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