State-owned Russian bank Sberbank has invested over $12 million (1,000,000,000 RUB) into the Chinese car manufacturer Chery. The car maker will use these funds in order to develop their presence in Russia, including increasing the amount of vacancies.
Sberabnk believes that the deal will allow Chery to increase their sales in Russia and will also guarantee “the development of mutually beneficial cooperation in the implementation of new projects”.
Chery’s press release meanwhile has stated that Sberbank’s investment in the company will give them “the possibility of full growth and the expansion of business infrastructure, namely supporting the Russian dealership network, creation of conditions for its development, expansion of its group of collaborators and development of fresh business directions”.
Unlike many countries in Western Europe, where Chinese car brands – mainly EV-focused – do operate, but don’t have a solid base for a long term stay, including physical dealerships and factories, in Russia Chinese car brands such as Chery and Haval do have the solid base, with Haval having its own production line in Tula Oblast, north of Moscow.