China’s Lifan car manufacturer will invest $150 million to build a production facility in central Russia’s Kaluga region, the newspaper Beijing Qingnian Bao reported on Friday.
“The company will manufacture several dozen thousand cars a year with potential increase to 100,000,” the newspaper cited a company representative as saying.
Lifan has been cooperating with Russia’s first private automaker Derways located in Cherkessk, North Caucasus which began to assemble such Chinese models as Breez, Solano, Smily and X60 in 2007.
The company reported an export revenue of $850 million in 2013, and has been actively marketing its products in Asia, Africa, South America, Europe and Russia. It has production centers in Iran, Iraq, Ethiopia and Uruguay.