News / 12 April 2010

Presentation of the City Car Project

On the 12th of April YAROVIT Holding and ONEXIM Group made an official presentation of the City Car project to the general public. The press conference lasted for more than an hour and a half. Andrey Biryukov, President of YAROVIT Holding, and Dmitriy Razumov, CEO of ONEXIM Group, told the reporters about the details of the project, its financial and technical parameters.

The total volume of planned investment to launch the serial production will amount to approximately EUR 150 million. According to the preliminary plan, the first 3 samples of the car model prototypes will be presented in December 2010, the construction of the production line is scheduled for January 2011 and initial serial assembling will be launched in July 2012.

A company will be founded to manage the project, with ONEXIM Group having 51% as a strategic and financial partner and YAROVIT Holding having 49% as the project operator, responsible for the main stages of the project. Andrey Biryukov will become CEO of the new company.

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