Sweden’s Volvo Group will open a truck manufacturing plant in Kaluga, about 200km to the southwest of Moscow, on January 19, 2009, the company press service said on Tuesday.
The agreement to build the plant was signed between Volvo Group and the Kaluga region government in the summer of 2007, and the cornerstone for the venture was laid in October 2007.
The plant will produce 10,000 Volvo and 5,000 Renault trucks a year. Project investment is put at €100 million ($155 million). The Volvo Group is already involved in a joint venture with the Russian company AFK Sistema, called Volvo-VTS-Zelenograd, which manufactured about 450 vehicles in 2007.
The Kaluga governor said earlier foreign investment in the region had reached $381 million in 2007, the highest per capita in Russia. In 2007, the region saw the opening of the first stage of a Volkswagen plant and a Nestle pet food factory. Later this summer, the construction of a Peugeot-Citroen car plant in Kaluga will start. (rian.ru)