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Sweden’s Scania set to invest in Russia

Automotive

Sweden’s Scania, one of the world’s leading truck and bus manufacturers, said on Tuesday it intended to invest €50-100 million ($71-142 million) in auto production in Russia.

Scania, which develops, manufactures and sells trucks with a gross vehicle weight of more than 16 tons intended for long-distance haulage, earlier announced its intentions to build a heavy truck plant in Russia with an initial capacity of 10,000 vehicles a year.

“In February-March next year I believe we’ll make a decision on the possibility of investment in Russia. The size of investment will range from €50-100 million. The project will be implemented in several stages,” Leif Ostling, the company’s president said. Scania has been producing buses in St. Petersburg, Russia’s second largest city, since 2002. As the Russian economy is booming amid high world oil prices, foreign auto makers are seeking to expand their presence in Russia.

A number of foreign companies, including auto giants US-based Ford Motor Company, Germany’s Volkswagen, Japan’s Toyota, and France’s Renault have either opened or are building plants in Russia. (rian.ru)

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