The Ministry of Industry and Trade will extend the validity of the SPIC in the automotive industry

The Ministry of Industry and Trade of the Russian Federation will extend the validity of the SPIC in the automotive industry for the period until December 31st, 2033. Such measures will make it possible to adjust the payback periods of investment projects and increase the stability of the conditions for their implementation against the background of unfriendly actions on the part of foreign states, the press service of the department reports. It will also ensure the creation of a 10-year planning horizon, which will increase the attractiveness of the Russian automotive industry in terms of investment in its development. Recall that the SPIC mechanism provides that the investor undertakes to implement an investment project based on modern technology in order to create serial industrial production, while the state at the federal and regional levels ensures the immutability of the conditions for the implementation of the project, including tax.

According to the data of the AUTOSTAT agency and Electronic Passport JSC, for six months of 2022, Russian car plants released 266.7 thousand cars to the domestic market, which is 61% lower than the figure for the same period of the previous year. In June, this figure was 9.4 thousand cars, which is 92% lower than a year before. It is worth noting that today AVTOVAZ, UAZ and the Tula plant Haval continue to operate, while the conveyors of other enterprises remained idle due to sanctions restrictions or a shortage of components due to a break in supply chains due to the situation around Ukraine.