Sollers will launch its own brand of cars
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The Russian automotive company Sollers Auto plans to resume the work of factories in Yelabuga and Vladivostok and is discussing options for cooperation with the Chinese Chery. The company also plans to launch its own brand of cars and implement projects where the manufacturer will become the sole owner.
Sollers CEO Nikolai Sobolev said on the sidelines of the Eastern Economic Forum (EEF) that the company still has joint ventures with Ford, Mazda and Isuzu, which do not currently manufacture products. Therefore, new projects will be implemented at these capacities.
“And now we understand for sure that we will be the main investor in these projects, and in some projects the only investor. And the most important thing is that we will be the copyright holder in these projects, that is, we definitely must have access to intellectual property rights with the possibility of finalizing, processing and creating new products and new platforms on their basis, ”said Mr. Sobolev (quoted by TASS).
He noted that until recently, the only own brand in the group’s portfolio was the Ulyanovsk Automobile Plant (UAZ). According to the head of the company, the majority of new projects will be implemented by the Sollers brand, and the group expects to announce them in the near future.
“We intend to produce, we intend to load our factories, and not only in Yelabuga, but also in Vladivostok. The question is time and specifics, which I cannot tell you yet, ”said Nikolai Sobolev.
Sollers Auto shareholder Zoya Kaika said on the sidelines of the WEF that cooperation, not partnership, is being discussed with Chery. “Because the partnership was discussed around UAZ. After UAZ came under sanctions, unfortunately, the discussion was interrupted for obvious reasons. But we are discussing different forms of cooperation,” she said.
Recall that the revenue of Sollers Auto in the first half of 2022 amounted to 26.2 billion rubles, in 2021 it was equal to 36.8 billion rubles. The company’s net loss under international financial reporting standards (IFRS) amounted to 1.1 billion rubles. The main asset of Sollers Auto is the Ulyanovsk Automobile Plant. At the end of 2021, the company announced the completion of the reorganization of UAZ. On June 3, the European Union imposed sanctions on the plant. In addition to UAZ, Sollers Auto has a joint venture between Ford, Isuzu and Mazda, as well as the Zavolzhsky Motor Plant.
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