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lineup in recent months, hinting at the inclusion of S-class and E-class vehicles. President Vladimir Putin, during a major press conference, even pledged the production of Aurus buses, emphasizing the need for serial production to drive down prices.
The Toyota plant in Shushary had attracted interest from "Almaz-Antey" and their electric crossover project, E-Neva, as well as the "Kama" company with investments from Sergey Kogogin, the CEO of "KAMAZ," and Ruben Vardanyan, with plans for truck production. There's a possibility that "KAMAZ" may assist in setting up production operations.
The transformation of the Russian automotive industry has been profound, with the Shushary Toyota plant serving as a vivid example. The facility has undergone a series of changes, including a shutdown, nationalization through NAMI following a Nissan and Renault model, and the exploration of projects in the limited domestic landscape. The transition from mass production for business and the middle class to low-volume assembly for government officials marks a paradigm shift.
9.2.4 Construction & Real estate corporate news
Moscow-oriented real estate developer Samolet has for the first time beaten the market leader PIK Group in terms of the current housing construction volume, with the total area of housing under construction at 5.3mn square metres (sqm) versus PIK’s 4.54mn sqm, according to RBC business portal citing the Unified Resource of Developers (ERZ.RF) data.
LSR Group is in the third position with 2.24mn sqm of housing under construction, followed by Moscow’s GC FSK (1.81mn), and Krasnodar’s DOGMA (1.64mn).
The top 10 developers in Russia in terms of current construction volume also include A101 Group of Companies (Moscow), Setl Group Holding (St. Petersburg), YugStroyInvest Group (Stavropol region), Brusnika (Sverdlovsk region), and Tochno (Krasnodar region).
According to Dom.RF state housing and mortgage agency, over the last 2.5 years, the volume of residential construction in Russia has grown by 8% (+7.1mn sqm since the beginning of 2021) reaching 101.1m sqm by mid-2023.
As followed by bne IntelliNews, prior to Russia's military invasion of Ukraine, Samolet was showing industry-leading sales and announcing regional expansion plans to diversify away from its anchor Moscow market.
But the company continued to post strong results on the back of state support for the mortgage market. In 1H22, Samolet showed 99% year-on-year growth
128 RUSSIA Country Report February 2024 www.intellinews.com