The automotive giant, Daimler, has unveiled a new Mercedes-Benz factory near Moscow following a ceremony attended by President Vladimir Putin on Wednesday (3 April), according to Reuters.
In a move which signifies a rare foreign investment into Russia’s car sector, the plant is the first to be opened by a foreign carmaker in Russia as investment in the automotive industry dries up following western sanctions and a struggling economy.
At the inaugural ceremony, Putin revealed that the plant is set to produce around 25,000 cars annually, with the investment in the project worth over $291mn.
It is expected that the factory will employ nearly 1,000 people following Daimler’s deal with Russia’s authorities at the beginning of 2017.
The automotive market has started to rise again and it was recorded that around 1.8mn cars were sold last year.