Hyundai launched production of its cars in Almaty

Prime Minister Askar Mamin launched a plant for the production of Hyundai cars in Almaty. The implementation of the project became possible with the support of a subsidiary of the Baiterek holding - the Development Bank of Kazakhstan (DBK). Aidar Arifkhanov, Chairman of the Management Board of the Holding, took part in the opening of the plant.

The plant was built within the framework of the State Program for Industrial and Innovative Development of the Republic of Kazakhstan. The total investment in its construction amounted to more than 28 billion tenge, DBK will provide a loan in the amount of 12.8 billion tenge for a period of 15 years. The project is also financed by a subsidiary of DBK - Industrial Development Fund JSC in the amount of 7.4 billion tenge. The rest of the required investments will be provided by the borrower - Hyundai Trans Kazakhstan LLP (a subsidiary of Astana Motors).

At the expense of DBK loan funds, financing of construction and installation works was provided, within the framework of which a car assembly workshop, a body welding workshop, a paint shop, a plastic panel painting workshop, a component warehouse, administrative and auxiliary premises were built on the territory of the enterprise.

The production is located in the industrial zone of Almaty. The capacity of the enterprise at the first stage is 30 thousand cars per year, at the second stage - up to 45 thousand cars per year. The plant is capable of producing modern passenger cars of the entire model range of the Hyundai brand using the latest equipment and using advanced technologies from South Korea. The assembly line will roll off both budget cars Accent, Elantra and business class cars Sonata, off-road vehicles Creta, Tucson, Santa Fe. The first cars assembled by the fine-knot method will be on the market in early 2021.

The plant currently employs 350 people. Upon reaching full design capacity, about 700 Kazakhstanis will be provided with jobs.

The Kazakhstani auto industry is one of the 12 priority areas of industrial development of the non-resource sector and is the object of consistent government support. The loan portfolio of the subsidiary of the Baiterek holding already has a number of projects in the automotive industry.

- The bank has the necessary competencies in the field of automotive projects and we highly appreciate the potential of the new plant, which will allow buyers to purchase high-quality cars at an affordable price. It is worth noting the ability of the plant to export its products to the CIS countries, which will also make it possible to contribute to the development of the export potential of our country, - noted the Chairman of the Board of DBK Abai Sarkulov.

In the future, Astana Motors plans to build a plant for the production of auto components. Thus, the company will achieve the set goals for the development of the domestic auto industry - to provide more than 51% of localization and export to the CIS countries.