The UAE Tawazun Fund will buy 36% of this company from Sollers and invest 110 million euros in the project over three years. The fund is going to become a distributor of Russian luxury cars for heads of state in the markets of the Middle East and North Africa.
More details. The agreement between the fund and the automobile manufacturer was concluded at the International Defense Exhibition (IDEX) in Abu Dhabi. After the transaction, the main shareholder of Aurusa (63.5%) will remain the Central Research Automotive and Automotive Institute "NAMI", the share of Sollers will drop to 0.5%. Cars of the brand are planned to be produced at the facilities of the automobile plant in the special economic zone “Alabuga”.
Minister of Industry and Commerce Denis Manturov reported on the upcoming deal last summer. Then it was planned that Tawazun will receive 30% in the future joint venture, and Sollers will have 5%.
On Monday, Manturov said that the deal shows that Russian luxury cars for public purposes have "every chance of becoming a successful product in the global market."
Pre-orders for cars of the Aurus line, according to the manufacturer, have already been issued for 2019 and 2020. According to Manturov, only 200 cars have been ordered. This year the company will produce 120 cars, 50 of which will go to the special purpose garage of the FSO. There is no data about other customers.
Money. Since 2013, 12.4 billion rubles were invested in the development of the “Cortege” project cars (later called Aurus), Reuters reports. Now the maximum production capacity at the site in Moscow is 250 cars per year, but it is planned to start mass production and sell cars at a price of 6 to 7 million rubles, including abroad, the agency writes.
Context. The Aurus project started in 2013 for the production of a family of luxury cars "motorcade" increased security. The line of cars planned to include a limousine, sedan, SUV, motorcycle and minivan. For the first time the car was shown at the inauguration of President Vladimir Putin in May 2018.