CN - Chinese automaker Lifan to begin plant construction in Lipetsk on July 16

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Chinese automaker Lifan will begin construction of a plant in the special economic zone Lipetsk on July 16, the Head of the zone Ivan Koshelev told TASS Tuesday.

"Construction of the plant will begin on July 16. On that day we will also present the project, demonstrate new Lifan cars," he said.

It was previously reported that the launch was planned for the summer of 2017.

Project investment is estimated at roughly $300 mln. The volume will be increased as part of the first phase expansion of the plant and commissioning the engine plant. The plant is expected to produce the entire model range of the Chinese automaker including welding and painting. The initial design capacity of the plant is 60,000 cars per year.

The payback period is 7 years, and by 2023 the company plans to increase the share of the passenger cars sold in Russia by 1.9% percent from the current 1.04%.

Lifan lineup in Russia currently includes the crossover X60, sedans Lifan Cebrium, Lifan Solano, Lifan Celliya and urban hatchback Lifan Smily. In the near future the X50 compact crossover and Lifan 820 will come to the Russian market.

The company also intends to export some of the products manufactured in the Lipetsk region.

Source: Russia&IndiaReport /