UAE fund will receive 30% of Russian luxury car maker by investing 110 million euros into the development project

Aurus
Aurus

The participants of the project on the development and production of luxury cars Aurus (former name – “Сortege”) – FSUE “NAMI” and “Sollers” have signed the agreement on creation of joint enterprise with the Defense, Security and Development Fund (DSDF) company Tawazun (United Arab Emirates), reported the press service of the Ministry of industry and trade. DSDF invests up to 110 million euros in the JV.

The money will go to the development and production of luxury cars, line of protected cars. The parties will develop serial production, distribution and after-sales service of the cars. Tawazun will receive about 30% in the joint venture, NAMI will have more than 60%, Sollers – about 5%.

NAMI is developing an armored limousine Aurus since 2012, the project received investment of RUB 12.4 bn. Aurus exceeds in size all of Rolls-Royce cars. Aurus is four-wheel drive, has 4.4 liters V8 petrol engine with capacity of 598 HP, combined with electric motor, and automatic 9-speed gearbox. NAMI also developed sedan, mini-van and a crossover. All of them are luxury vehilces and will also be produced under the brand Aurus. Sedan prices, according to the Minister of industry and trade Denis Manturov, will start from 10 million rubles.

Aurus will release 50-70 cars in the first year, said CEO of Sollers Vadim Shvetsov. The world premiere of cars will be held on August 29 at the Moscow motor show. After that, the collection of applications for purchase will begin. Sales will start in January 2019.

Tawazun Holding was established in 2007, investing in the creation of industrial joint ventures in the defense sector, according to its website. It owns, in particular, shares in the manufacturer of Nimr armored vehicles (assembling in the UAE Russian car “Tiger”, developed by Arzamas car factory, part of the military-industrial complex-division “Russian Machines”), small arms and ammunition Caracal, ammunition for artillery and aircraft Burkan Munitions Systems. Tawazun is a powerful state holding and investment Fund from Abu Dhabi (the main Emirate of the UAE), which is entrusted with the task of developing high-tech sectors of the civil and defense industry.

In June, Russian President Vladimir Putin after talks in the Kremlin showed to crown Prince Abu Dhabi Muhammad al-Nahyan his limousine project “Сortege”.

The “Сortege” (now Aurus) project is a family of luxury cars, which includes a limousine, sedan, SUV and a minivan based on a single modular platform, as well as motorcycles to accompany these vehicles. The cars are designed for the top officials of a state. Earlier, Russian President Vladimir Putin approved the deployment of mass production of all cars of the project. In his opinion, the whole line is successful. Putin arrived at the inauguration on may 7 in a limousine “Сortege”.

Be the first to comment

Leave a Reply

Your email address will not be published.


*