German automaker Volkswagen founded software company Car.Software Estonia AS in Estonia recently. Tax Board data shows that the six-employee company had a turnover of nearly €240 million over the third quarter, likely a result of asset movement within the VW Group.
ETV's daily affairs show "Aktuaalne kaamera" reported on Monday that Car.Software Estonia AS is an affiliate to Volkswagen Group.
According to Statistics Estonia (Statistikaamet), the capacity of asset movement is expected to grow even more, perhaps even to a point where it can affect state-level accounting.
Volkswagen Group is planning to invest billions into its subsidiaries is the near future with parts of it coming to Estonia. Car.Software Estonia, founded in spring, had a turnover of more than €237 million in the third quarter of 2020.
"Business registry info shows that these companies are founded in spring and summer, there have been some investments in the third quarter and they will invest more going forward, we will see then how large the capacities are," said Robert Müürsepp, leading analyst at Statistics Estonia.
Chairman of Enterprise Estonia Peeter Raudsepp said the level investment into software companies is at billions and Estonia also gets its part. "I can confirm it is a large investment, a long-term investment with long-term plans and it will happen gradually," Raudsepp said.
"Aktuaalne kaamera" was not able to reach representatives of the Volkswagen Group on Monday.
Editor: Kristjan Kallaste