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Doninvest to Produce Hyundai Buses in Taganrog

March 13, 2006: Doninvest Financial & Industrial Group will build an assembly plant in Taganrog to produce Hyundai commercial vehicles, starting with two models of passenger buses and an automobile carrier. Buses will be produced in Taganrog. South-Korean company "Hyundai" and Rostov Truck Factory (part of Doninvest Finance & Industry Group with TAGAZ) signed an agreement on assembly of commercial vehicles in Russia. For realization of this agreement will be built a new factory in Taganrog.

During the press-conference, which was held after agreement's signature, The president of Hyundai Motor Company Khan Yang Choi called this project "the biggest of similar projects in the history of his company". By the year 2010, Hyundai and Rostov Factory are planning to bring production capacity to 50,000 trucks of trucks and buses per year.

Our automakers and Korean company Hyundai are connected with an old friendship. In the beginning, TAGAZ produced "Accent", later "Sonata". These cars are in great demand on the Russian car market and in the top five of the most popular foreign cars in this country. Only last year TAGAZ sold 32, 741 "Accent" and 10, 890 "Sonata".

In the beginning of 2005, TagAZ launched production of trucks "Hyundai Porter". This model started shipping in the Russian market in June. In the seven months of last year 1,786 trucks were sold. Now preparations are under way for production of new vehicles in Taganrog: urban and tourists buses "Aerotown" for 30-35 passengers and suburban buses "County" for 14-24 persons. The new factory will be started at zero in the territory of Taganrog Combine-Harvester Factory. The total cost of the project has not been announced. Russian financial and industrial group DONINVEST will finance all building and construction works.

Buses and cars will be shipped as CKD kits and assembled in the newly-built factory in Taganrog, which includes all the process - from welding to painting and compartments equipping. It is planned that first buses will be produced already by September 15, 2006, thus making a gift for Taganrog's 308th anniversary. The planned annual capacity of the new factory is 30,000 buses.

Doninvest Group unites the managing company, Commercial Bank Doninvest, Taganrog Automobile Assembly Plant TAGAZ, Krasny Aksay Factory, Granit Factory, Rostov Diary, Azov Baby Food Factory, Donskaya Confectionery Factory, and Taganrog Combine-Harvester Factory.