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The Izhavto car factory in Izhevsk will start assembling cars under a KIA Spectra license in 2005
The Izhavto car factory in Izhevsk (on the Volga) will start assembling cars under a KIA Spectra license in 2005, the Russian Economic Development and Trade Ministry said Thursday. An agreement to this effect was signed in the ministry Thursday. Around 8,000 cars will be assembled in Izhevsk by the end of 2005, and 25,000 cars in 2006. The factory subsequently intends to produce 40,000 cars per year. This is the first agreement signed by the ministry as part of implementing the government resolution on "industrial assembling." Through the agreement, the investor can import spare parts to Russia at low tariff rates (0-5%). The agreement obliges the company to invest in the Russian car industry and gradually replace its spare parts with Russian-made spare parts. The Izhavto car factory has over 12,000 employees. The company's net profit was 119 billion rubles in 2004 (12 times higher than in 2003).
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