Russia to invest $6 billion in auto industry by 2020

Russian officials said that the country will invest 180 billion rubles ($6 billion USD) in its struggling automotive industry over then next ten years in hopes to revive the sector after a tough 2009. Government sources said that they see domestic car sales matching pre-crisis levels by 2014 or 2015.

“If we want to be noticeable players in this game it will not happen at no cost,” a high-ranking government source told Reuters. “Despite the bad shape of the industry today there are concrete perspectives, concrete plans.”

The report comes out ahead of a government meeting planned for today to discuss the future of its auto industry.

“Despite the seemingly large amounts, these numbers should not impress you too much,” the source said. “They are comparable with the research and development costs of any large international auto company.”

– By: Omar Rana

Source: Automotive News (Subscription Required)