Making a comeback is a legendary Soviet automaker.

Making a comeback is a legendary Soviet automaker.

According to Moscow Mayor Sergei Sobyanin, production of Moskvich cars at a former Renault facility is anticipated to begin as soon as next week.

The factory in Moscow, which was established in 1930, was the original producer of Moskvich cars back in Soviet times. In the early 2000s, the plant was bought by Renault and the Moskvich line was discontinued. However, this past May the French automaker handed the plant over to the Moscow authorities amid the company’s exit from Russia due to sanctions. Shortly thereafter, the plant’s name was changed back to Moskvich.

According to the company’s plans, the plant will produce “state-of-the-art” car models, including a sedan and four crossovers. Production of electric cars at the plant is also on the agenda and may start in two to three years.

In the early years of the Soviet Union, the factory in Moscow, which opened its doors in 1930, was the main manufacturer of Moskvich automobiles. The Moskvich line was discontinued when Renault purchased the factory in the early 2000s. But amid the company’s departure from Russia due to sanctions this past May, the French automaker turned the plant over to the Moscow authorities. The name of the plant was swiftly changed back to Moskvich.

The factory will build “state-of-the-art” car models, including a sedan and four crossovers, according to the company’s plans. The plant is also planning to start producing electric vehicles, which could happen in the next two to three years.

Sobyanin asserts that the city has successfully adapted to Western sanctions because Russian businesspeople have filled many of the voids left by foreign investors in recent months.

“The vast majority of our businesses have made adjustments to the environment. Additionally, these businesses’ profitability is gradually increasing, even in the financial industry, where the profit collapse was most obvious. We, therefore, feel quite confident from a budgetary perspective,” he said.

 Read more Business News , Today Politics Headline , Today Finace News Update ,Latest Social News Update  , World Highlight , Entertainment Latest News , Today Sports News Update , Latest Education Update , Real Estate Today Update

Business Latest Latest News