SEAT Brand to Exit Russian Market

Volkswagen AG says it will stop selling SEAT cars in Russia next year because of the country's weak currency and shrinking auto market.

VW had hoped Russian demand for its budget-priced SEAT vehicles would eventually grow to as many as 20,000 units per year. But sales through the first 10 months of 2014 totaled slightly more than 1,300 vehicles, down 57% from the same period last year, according to the Moscow-based Assn. of European Businesses.

The association says SEAT sold only 78 cars in Russia in October. The brand plans to pull out of Russia effective Jan. 1.