(MENAFN) In a strategic move emblematic of the evolving automotive landscape, Russia's prestigious luxury car manufacturer, Aurus, has taken ownership of a prominent manufacturing facility in St. Petersburg, previously operated by Japanese giant Toyota. The announcement was made by Russia's Acting Minister of Industry and Trade, Denis Manturov, underscoring the transition of the plant's operations to Aurus, renowned for crafting high-end vehicles, including limousines favored by Russian dignitaries.
Manturov revealed that production at the refurbished plant is slated to commence before the culmination of the current year, marking a significant milestone in Aurus's expansion strategy. The facility's acquisition by Aurus follows Toyota's withdrawal from the Russian market in 2022, amidst geopolitical tensions stemming from Ukraine-related sanctions against Moscow.
Formerly responsible for manufacturing popular Toyota models such as the Camry and RAV4, the St. Petersburg plant found new ownership under the auspices of the Central Scientific Research Automobile and Automotive Engines Institute (NAMI), the parent entity of the Aurus brand.
Notably, NAMI solidified its presence in the Russian automotive landscape by acquiring a controlling stake in AvtoVAZ, a prominent domestic car manufacturer, in a bid to bolster Aurus's market positioning.
Aurus, conceived a decade ago with the ambition of supplanting foreign-made vehicles in the fleets of top Russian officials, made a resounding debut at President Vladimir Putin's inauguration in May 2018. Putin himself graced his recent inauguration ceremony in Moscow aboard an updated iteration of the opulent Aurus vehicle, showcasing the brand's prestige and significance in Russia's automotive sector.
Currently, Aurus vehicles are meticulously assembled at NAMI's production facilities in Moscow and the Republic of Tatarstan, the latter previously a joint venture between Russian firm Sollers and American automaker Ford. Expanding its global footprint, Aurus initiated production in the United Arab Emirates last year, signaling its ambitions beyond domestic borders.
Looking ahead, Minister Manturov outlined Aurus's strategic vision to diversify its product portfolio by introducing more accessible and mass-market models, with plans to unveil new executive and business-class sedans by 2025. While the current Aurus models command prices exceeding USD500,000, the brand's foray into broader market segments signifies a strategic pivot aimed at capturing a wider consumer base while maintaining its hallmark of luxury and sophistication.
MENAFN08052024000045015687ID1108187976
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.