financetom
Business
financetom
/
Business
/
Russian company starts Citroen production at former Stellantis factory
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Russian company starts Citroen production at former Stellantis factory
Mar 27, 2024 8:32 AM

MOSCOW (Reuters) - Russian company Automotive Technologies on Wednesday said it had started assembling Citroen C5 Aircross models in batches at a plant south of Moscow formerly owned by Stellantis, with the cars set to be sold in dealerships from May.

Reuters exclusively reported in February, citing customs data and two people familiar with the matter, that Automotive Technologies had imported at least 42 car kits from China for assembling Citroen models at the plant.

Manufactured in China, the kits were produced by China's Dongfeng Motor Group ( DNFGF ), the data showed.

Stellantis reiterated its response to Reuters in February, that it had concluded since Dec. 31, 2023, that it had "lost control of its entities in Russia."

"On March 27, batch assembly of Citroen C5 Aircross crossovers started at the factory in Kaluga," Automotive Technologies said in a statement. "The cars will arrive in the salons of official Citroen dealers in May 2024, but it's possible to book a car as soon as April."

The developments highlight the lack of control Western companies have over their brands after suspending Russian operations or leaving the country since Moscow's February 2022 invasion of Ukraine, and demonstrate Moscow's increasing dependence on Beijing, particularly in the car industry.

In February, Stellantis said it recognised a loss of 144 million euros ($155.75 million) from losing its Russian operations, including 87 million euros of cash and cash equivalents.

Chinese trade data for 2023 shows that exports of cars to Russia were almost seven times higher than in 2022, with the value of those exports jumping by almost $10 billion.

Dongfeng and Stellantis, the world's third-largest automaker by revenue, operate a commercial joint venture in China, through which Dongfeng can build and sell Stellantis cars in China.

($1 = 0.9246 euros)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved