The details of the Hyundai special investment contract became known

The details of the special investment contract “Hyundai Motor Manufacturing Rus” for the implementation of an investment project for the localization of passenger cars production in the Russian Federation, signed by the Russian Ministry of Industry and Trade on December 25th, 2018, have become known.

According to Denis Manturov, Minister of Industry and Trade of the Russian Federation, a special investment contract was concluded for a period of 10 years. The total investments will be 16.6 billion Rubles, but taking into account the investments of other companies belonging to the Hyundai Motor Group, such as Hyundai WIA, which will manufacture engines, the total amount of investments can reach about 35 billion rubles. The amount of taxes planned to be paid to the budgets of various levels will be more than 244 billion Rubles, reports the press service of the Ministry of Industry and Trade of the Russian Federation.

We should add that within the project it will be mastered the highly localized production of cars KIA Rio, Hyundai Solaris and Creta and vehicle sets. As part of the fulfillment of obligations under the contract, the plant plans to increase the exports of its products. At the end of 2018, the export volume of the plant amounted to 11.5 thousand cars of more than 230 thousand produced cars.

The plant "Hyundai Motor Manufacturing Rus" is the second largest automaker in Russia. For 8 years of operation, the plant has produced more than 1 million 700 thousand cars. At the moment, the total investment in the company exceeded $ 1 billion.