The automotive giant, Daimler, has presented 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 indicates a rare foreign investment into Russia’s car sector, the plant is the first to be exposed by a foreign car maker in Russia as investment in the automotive industry dries up following western sanctions and a struggling economy.
 
At the inaugural ceremony, Putin disclosed that the plant is set to create around 25,000 cars yearly, with the investment in the project worth over $291mn. It is anticipated 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.




This article is originally posted on Tronserve.com