TMH to increase production localization to 99% in Q1

ST. PETERSBURG. Nov 14 (Interfax) - Transmashholding (TMH) plans to raise the level of production localization to 99% in the first quarter of 2023, the deputy CEO of Russia's largest train manufacturer, Andrei Vasilyev told Interfax.

"We are now working on import substitution of both the electronics base and the mechanical base of our products. Our plans include raising the level of localization to 99% in the first quarter of next year," he said.

"The remaining 1% is the electronics base that a very limited number of manufacturers produce. Russian companies are working on import substitution of these products and we expect new products to enter the market so that it will be possible to fully substitute for imports of foreign technologies," Vasilyev said.

Product localization at TMH is currently at 90-95%.