TAIPEI, August 30, 2013 (AFP) – Taiwanese luxury car maker Luxgen Motor said Friday it will start selling vehicles in Russia next month after opening an assembly line in the country.
The first Luxgen7 SUV came off the assembly line this week at a plant in Cherkesskon run by its Russian partner Derways. It also has production bases in Taiwan and China.
Luxgen, a wholly owned unit of Yulon Motor, Taiwan’s largest carmaker by revenue, said the cars will go on sale in Russia from September 7, adding that it is also planning to assemble other models in the country from next year.
The firm did not say how much it intends to charge for the car but it sells for Tw$800,000 ($27,500) at home.
“The opening of the assembly line talks for our confidence in the high potential of the Russian market, and for our drive to expand in Russia,” said Frank Wang, president of Luxgen Motor Russia.
Luxgen declined to say how much money it has invested in Russia while some local media estimated its initial investment to be around Tw$1 billion ($33 million).
In 2010, Yulon set up a joint venture with China’s Dongfeng Automobile to produce Luxgen cars – Taiwan’s first locally designed luxury sedans that went on sale on the island in 2009.
Yulon, which mainly produces Nissan cars in Taiwan under licence, has also invested in a joint venture with a Chinese automaker and Daimler to make Mercedes vans in China.
(No Ratings Yet)