22 Apr 2019 17:47

Peugeot-Citroen files request for SPIC, planning to develop production in Kaluga

MOSCOW. April 22 (Interfax) - French auto company Peugeot-Citroen (PSA) has filed a request for the conclusion of a special investment contract (SPIC) with the Russian Industry and Trade Ministry aimed at "supporting the development of PSA brands in Russia and modernizing production," the company said in a statement.

"Local production is a priority for PSA and part of its long-term strategy in Russia. We are prepared to invest in the Russian economy due to the development of new projects and implementation of new technologies, expansion of production and exports. The potential of our plant in Kaluga and high-quality production will facilitate the successful development of the auto industry in Russia," Yannick Bezard, PSA's Operational Director for Eurasia, was quoted as saying in the statement.

Thus far, "there is no comment" on investments and other details of the contract prior to the signing of the SPIC.