The Nemak Rus Plant In Ulyanovsk Will Invest 1.7 Billion Rubles In A Project For Hyundai Cars
A new production of engine heads and cylinder blocks for Hyundai cars will be launched in the fall of 2021 at the NEMAK Rus plant in Ulyanovsk. The project will invest 1.7 billion rubles of investment, the company's General Director Anatoly Luzgin told reporters on Friday.
"It is assumed that the product will be launched on October 1, 2021. The amount of investment will be about 1.7 billion rubles, and about 120 new jobs will be created. This will be a new program, new engine heads, and new cylinder blocks," he said.
Luzgin added that starting from 2022, the company plans to reach the maximum volume-about 230 thousand machine sets per year.
According to the regional development Corporation, the project has an important socio-economic significance for the Ulyanovsk region. "Its implementation will help resolve issues of import substitution of foreign car components and localization of production of foreign brands of cars in Russia," the Corporation told reporters.
NEMAK Rus LLC is located on the territory of the Zavolzhye industrial Park in Ulyanovsk. The plant started to work from September 2015, the plant produces heads and cylinder blocks of the engine. About 2.4 billion rubles of investment were invested in the project, and almost 200 jobs were created at the enterprise. The plant was the first project of the NEMAK Corporation in Russia and the company's 35th production in the world. The company's clients are the world's leading car manufacturers, including Volkswagen and Skoda.